Loans Secured Against Fine Wine
If you would like to borrow money against your collection of find wine then our personal asset loan experts can help. Your wine can be quickly assessed and valued with a loan issed the very same day. No credit checks or employment income verification is required.
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Useful information about loans secured against fine wine
There are an amazing array of items that companies will accept as part of the collateral on a loan: from expensive cars and bikes to gold and jewellery, to fine wines. Offering the latter as a pledge can give you the loan that you need.
Fine wines can be used as collateral, although you will need to remember that you will need to provide a significant number of wines in order to obtain a loan. If you only have one or two bottles, then it might not be worth offering them up to a loan company as a personal asset, but if you do have several bottles of high quality, a wine cellar or other wine resource, then you may be able to get the money you need for the loan.
What happens when you offer wine as a collateral?
If you decide that you have enough fine wine to fund a loan, then you will first need to find a company that are willing to exchange money for a pledge on fine wine. More and more lending firms are now open to the idea of pawning wines, but you may still need to do some research to find a loan company near you that is interested in your wine collection.
Once you have found a company, then you will need to contact them and provide some information about the wines that you have, including the name and vintage of the wine. The valuers for the company may want to ask about the condition of the cork and the labels on the edges of the bottle, as they can have a big impact on the price. You may also need to provide more information about the provenance, and the casing.
If the company are happy with the age, condition and title of the wines in question, then they may ask you further information about the storage, the condition of the cellar as a whole, and they may also request photographs and videos of the bottles inside the storage space. This will help them to value the wine and accurately evaluate how much they are willing to borrow you.
Getting money for a wine
Once the wine has been valued, then the company will tell you exactly what you can expect to receive for the total bottles you are offering as collateral. This will not be the complete value of the wine, but will in fact be a smaller amount at a set percentage of the overall value of your wine collection, so you must take this into consideration when you are having the wine valued. When the agreement is reached, you will pledge the wine, and the company will keep it in safe storage, until you are able to pay off the loan. If you do not pay off the loan within the agreed period, then the fine wine will be forfeited to the loan company.