ARLINGTON HEIGHTS, IL (FOX News) - Pawn shops for the wealthy? One company is banking on the lack of pawn services for high net worth individuals. It's looking to sell expensive jewelry, art and even wine.
The concept is aimed at people who wouldn't typically walking to a pawn shop. It's called UltraPawn. UltraPawn.com online is the brain child of George Souri, who is the CEO of a private equity firm in Chicago Altria Group.
This isn't pawning their gold chains. It's more Cartier watches in there. How does UltraPawn work?
"So with us, you go online, you give us a brief description of the item. We assign you to a specific customer service representative and we give you an estimate on the item. You want to proceed with the deal? You simply FedEx us the item, we pay for the shipping, we fully insure the item, and we typically wire your money up to a million dollars within twenty-four hours." said Ultrapawn CEO George Souri.
You are seeing a need for this among the higher end client. They have needs too. For example, somebody who is trying to make payroll for their business when their bank wouldn't extend their loan; even though they were pretty good customers.
"Yeah, a lot of very successful people have had problems getting credit from their bank, when they had credit for a long time. This gentleman came in had a consulting business. His bank cut off his line and said look I need some cash to make payroll by the time I get my contract check, we gave him a short term loan and he was able to continue his business because of it." said Ultrapawn CEO George Souri.
WE are hearing so much now about banks sitting on cash. This may be a way that the wealthy can access cash when they get in a tight squeeze.
By: Jeff Flock
Try it out: http://www.ultrapawn.com/