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If at the end of the loan, we're going to
have to sell your Ferrari or your beanie.
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But that's the worst case
scenario, of course, as a basis.
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I mean, we don't want
to sell people's goods.
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So I never wanted to set this business.
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That would be a shock and people used
to think, oh, we're the whole bird,
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but you know, he's going to get his
hands on my goods and he's going to
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set it and there's going to be, that's
not the case itself because once
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you set it up and we've lost that.
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Now we spent hundreds of thousands
on marketing to get these
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guys to come in with a dude's
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welcome to how to lend money to strangers.
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I'm your host, Brendan, the Grange.
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And today I'm discussing one of the more
interesting business models we've covered.
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And if you don't believe me, just
look for the channel four documentary
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posh porn, a behind the scenes.
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Look at today's guest procedure porn, bro.
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When I was a kid pawn shops where
something you saw on TV shows, maybe
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a cop trauma, where somebody was
trying to sell some stolen goods.
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And when I started working, at least in
South Africa, they were never considered
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part of the formal lending economy.
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There was something I
didn't really think about.
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And so I guess I moved
to Asia in Hong Kong.
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They're red and green neon signs or.
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But if I remember correctly, it was
first the Philippines that I actually
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encountered them as a potential data
source as a formal lending organization.
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But even then I would have regarded
them as lenders of last resort.
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What we're going to talk about today
is a very different porn business,
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James Constantino, and his team at
prestige porn brokers serve a very
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different clientele to the stereotypical.
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As we'll hear after the break,
they're issuing loans against
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everything from helicopters to
Lamborghinis to design a hammer.
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So stay tuned to hear about how to turn
assets laying around into accessible
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cash and why consumers might want to
do that instead of going to their bank.
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James generally, when I'm interviewing
a leader in a lending business,
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they have a corporate background.
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Maybe they were in a bank, maybe they're
a management consultant, but typically
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they wore a suit in an office for awhile.
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Your background is very different to that.
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About what I saw, you know, I'm sitting
into that, but I try and it's on a budget.
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I'm not from that filled with your life.
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It's not me.
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And that's probably why I'll come
up with the concept for prestige.
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It came on the back really of the
crash, about 2009 Lehman brothers, uh,
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banks tightening up lending criteria.
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Uh, I was in property development prior
to that, I used to do it in classic dolls.
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I sort of dabbled in a few things.
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I had friends that were in
zoology, another friend of mine.
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It was into wine and us sort of
sitting there one Sunday was reading
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the times and it was, uh, there was an
article about asset lending in America.
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Not for, well, this is quite interesting.
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And you've got bar bench, Europe.
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Uh, I think I've got quite a few skills.
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If you like academically, I came a
from school with zero because I was
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asked to leave at the agency thing.
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Well, I had a lot of common
sense I've been willing.
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And then since I was a kid and I
started thinking about the other
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assets that you could possibly
memoir people, lending events, cars,
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or one or boats or airplanes, or
pretty much anything, what restricts.
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And really sort of started premier, to
be honest with you, the banks inability
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to function fully in 2009, never
pulling the rug out from under some
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really good people's Finn people that
were all flying through development
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sites are having their lungs pulled in.
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We were in stories of doom and gloom.
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You know, I have friends of mine, that'll
play golf with a bank manager the day
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before, but then the bank manager was
talking to them in the morning saying
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this is that 25 pound overdraft you've
got, it's going to have to be really paid.
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And I thought, well, this is
actually quite a good time to
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start this business because people
call get their hands on money.
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They have had quite a few years of growth.
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They both got an old bond from Sally, but
it's not rain drug was for all people with
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expensive pieces about wine collections.
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Uh, wouldn't it be great to secure a
lot of these and some of these assets
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and that's really had it will stop.
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Did you say your background's not typical
of a banker or a lender in a similar way?
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Prestige and pawnbroker broker
together, not unnatural, natural
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pairing to most people, but
you've really changed that game.
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You talk about art and wine and luxury.
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Acknowledging the fact that these
assets exist, people have them,
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people want to keep them and you
can lend against them rather than
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forcing somebody to sell and rebuy.
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And you've obviously seen
the market respond to that.
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So when we first thought about
it, I was really more concerned
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about the contractual side.
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To be honest with you, how could
I do this legally with a tight
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contracts in the UK, London.
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And I thought, well, actually
pawnbroking is already sets out.
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All we had to do is swap the
word gold or fob watch for piece
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of art, basically all for art.
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And that's exactly what we did.
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I had a skill set around me.
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I mean, if someone presents me with
something, I like to think that
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I'd be able to value most songs and
that skill has been enhanced for
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sure, with prestige and the volume
of these assets that we've seen.
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So obviously we consulted our experts,
but they were quite keen to get involved.
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Do as well.
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Funny enough, because this
is a new idea for them.
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So they were things that helped out.
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Going back to your point.
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I think the issue for us was
actually getting the message
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out because people didn't know.
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When I sold Christine's pulled Burke is
above my little shopping wine bridge.
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They didn't really know what it meant.
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I knew it meant prestige.
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I am Paul think, but I didn't
understand the asset policies
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that we were talking about.
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Getting that message
out was key to success.
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The BBC world news, for example,
did a feature on, so while on the
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show we were featured in its time.
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So once the press called and it was quite
skeptical of that to help, to sort of GABA
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price, if you like, and then obviously
a channel for commission, propelled
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us into another stress of spending.
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Yeah.
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And I we'll pick up on that
cause I I've got hooked on it.
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Well, uh, doing some research, it's
a really great show, but before we
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get there, I think you talk about
the message and I think it's one that
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would be the first reaction to anyone
listening now for the first time.
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And they might say, well, why
would somebody who owns a Ferrari.
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Neat to porn of need
alone against wouldn't.
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They just have cash lying around, you
know, does a first reaction I had, but
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then I remembered know I've been doing
Shay back loans for ages, you know?
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Yeah.
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Yeah, people have a shape portfolio.
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They want to keep the shares.
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I think they're going to grow in value,
but they want to use them as security.
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Or you've mentioned in the states,
you know, various forms of asset bank
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lending is you say it in your intro.
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This is not all that different.
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This is just, I guess, working around
that heritage of the name pawnbrokers
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and getting people to understand
that it's not maybe what they think
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it is when a borrower comes in, when
somebody wants to pawn an item for
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a loan, what is that process like?
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And from your experience, obviously
everyone has a different story,
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but why are these customers coming
to you for a loan rather than
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using savings or going to a bank?
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Yeah, it was quite surprising
to, to me at the beginning.
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When the wheels fall off and the car
stops and your business has dried
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up, you're not making as many sales.
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The high street is see whatever it is.
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You need cash, regardless of whether
you go for are, you still need to put
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bedrooms the same way as everyone else.
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It's very rare for people in business
to have millions of pounds sitting
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around in a bank as a reserve.
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I don't think that is a function.
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And I don't believe that there's
many, many millionaires and
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entrepreneurs that sit on passion.
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Not one, to be honest with you.
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You talked about the show on channel four.
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And I think it is really well, it's
an entertaining show in its own.
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Right.
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But you know, you realize that some
of these assets are sentimental things
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that if you sold, you would never
get back or they're appreciating
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collectors items that go up in value.
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So, you know, again, you don't
want to resell and have to buy
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in later, but what I also note.
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There's a lot of entrepreneurs coming in.
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A lot of people, who've
got a new business venture.
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And so you probably are dealing with a
lot of people with your sort of attitude.
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We listened dealers
and, and entrepreneurs.
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Are you seeing a lot of that?
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Are you seeing a lot of people using this
money to get the next business going?
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Or what are the sorts of
stories you're, you're hearing.
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It's quite a priority in that respect,
in terms of what the money is useful.
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We do see average shows coming,
looking for a little bit of
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sometimes it's spending money.
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Sometimes the tall blonde,
apple, it needs servicing.
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So you get, will be average
top of things you might have
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spent or associated coursework.
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Well, I think the CV show and moccasin
has done has my, they political
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entrepreneur, the business, they go away.
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There are alternatives to the bank.
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You don't have to go
to the bank for a loan.
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I mean, a lot of these people might not
qualify for a loan to be quite honest,
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to be in some kind of system, but even
the ones that do by the time you have
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to wait for the sip of the banks, quite
often the deals pass or it's over, or
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the emergency or the need for that.
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. What we can do and what we've been
offering, why we start so high and is that
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we can offer large sums of money almost
instantly secured against your assets
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without any risk to your credit rating.
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You can bring in your Ferrari
or your level of gain or your
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piece of art or your gold bullion
or your wine collection to us.
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00:10:12,584 --> 00:10:17,745
We can school you a hundred thousand
and two on the federal 500,000 pounds.
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If you've got the right documentation.
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You can have problems with me in 24 hours.
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There's no minimum term for these loans.
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There are no way there's no
redemption fees to borrow a hundred
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grand or so on the back of a bank.
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Your arrangement is probably
going to be somewhere between five
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and 10,000 pounds straight away.
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You're probably not going to
be able to have that facility
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just for awhile two months.
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You know, I'm not saying
it's wrong or it's white.
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I'm just saying there's other
fees consider when you're
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going to borrow money from.
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For sure.
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Some funding flowing from me is far
cheaper than borrowing money off the bat.
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If you want to borrow a hundred
grand from me, I'd probably do it.
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00:10:58,944 --> 00:11:01,105
I mean, it varies depending
on what we're presenting, but
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I'll probably do it at 2.9%.
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00:11:03,235 --> 00:11:07,135
If you borrow a hundred thousand
pounds of me, 2.9% and you have it
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00:11:07,135 --> 00:11:10,824
for a month or two, I don't know of
any other cheaper forwarding that.
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00:11:11,985 --> 00:11:14,025
Then it allows you to take that risk.
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00:11:14,025 --> 00:11:17,084
You could say, I believe in my idea
so much that I'm going to put this
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up and I believe it's going to work.
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I'm going to get my asset back and
I'm going to be better off for it.
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And if it fails, well, that was
the risk I took, but nobody else
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is going to let you take that.
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00:11:27,150 --> 00:11:29,670
Yeah, as you said, there's some
very mundane reasons as well.
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00:11:29,670 --> 00:11:33,390
But when I saw it in that context
of entrepreneurship, it did help
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00:11:33,420 --> 00:11:34,620
change that mindset of mine.
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In some ways I see echoes of this
big move towards buy now pay later.
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So credit card, your whole
balance would get paid on minimum.
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00:11:43,319 --> 00:11:47,160
Now I can say, I just want this pair
of sneakers pay down just tiny little
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00:11:47,160 --> 00:11:48,569
transactions, but you can choose.
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00:11:48,569 --> 00:11:51,030
I want exactly this
transaction to be paid down.
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00:11:51,390 --> 00:11:53,730
And in some ways you're
doing that with assets.
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00:11:54,510 --> 00:11:58,469
In a world without pawnbrokers and
without a bank willing to take a
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00:11:58,469 --> 00:12:00,359
gamble on you, mortgage your house.
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00:12:00,780 --> 00:12:03,420
You might not want to risk your
whole house, but nobody was going
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00:12:03,420 --> 00:12:05,219
to see these individual assets.
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00:12:05,550 --> 00:12:09,060
And I imagined because it's very difficult
while you've used your network, you
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00:12:09,060 --> 00:12:12,839
said going in and your skills to solve
that problem and say, well, if I can
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00:12:12,839 --> 00:12:17,040
understand the value of all these many
of, any types of assets from watches
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00:12:17,040 --> 00:12:21,270
to handbags, to wine, to art, to, to
helicopters and airplanes and tanks, if I
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can find a way to understand their value.
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00:12:24,510 --> 00:12:26,430
Then I can lend against
that individual asset.
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00:12:26,430 --> 00:12:31,800
It doesn't need to be a house, but
on that, how do you go about that?
227
00:12:31,800 --> 00:12:37,740
Valuing such a wide arrange of
assets and in, in asset classes
228
00:12:37,740 --> 00:12:39,450
that aren't always traded that.
229
00:12:40,725 --> 00:12:44,505
What all they say, when I not
telling them badly, it does make the
230
00:12:44,685 --> 00:12:46,965
valuation process more difficult.
231
00:12:46,965 --> 00:12:47,835
For sure.
232
00:12:47,865 --> 00:12:51,165
I mean, Bob, these assets,
didn't just come out of thin air.
233
00:12:51,225 --> 00:12:52,245
They'd go on history.
234
00:12:52,785 --> 00:12:57,705
If he's a piece of luck, it's probably
more difficult to ascertain the bad news.
235
00:12:58,035 --> 00:13:03,675
Then one of the blight monks, but
it's not as difficult as people might.
236
00:13:04,575 --> 00:13:05,805
You can go online.
237
00:13:05,805 --> 00:13:10,005
You can track the record itself, there's
graphs and peaks available to see what
238
00:13:10,005 --> 00:13:11,715
their works have done over the years.
239
00:13:12,345 --> 00:13:15,645
But when it comes to a forensic
location, that's a different matter.
240
00:13:15,705 --> 00:13:19,305
Then that's probably the most
difficult part of what we did
241
00:13:19,785 --> 00:13:21,945
or the actual valuation process.
242
00:13:22,335 --> 00:13:25,905
If you're of a mindset and your
CMO have that mindset, then you can
243
00:13:25,905 --> 00:13:28,965
pretty much, that would be anything
that any mind that we have, we've
244
00:13:28,965 --> 00:13:30,795
been established since that 2009.
245
00:13:31,875 --> 00:13:35,895
The best minds and the best
people that our company out there.
246
00:13:38,805 --> 00:13:43,605
from some of the fans, friends from
brown list to call today to Chanel.
247
00:13:44,235 --> 00:13:47,115
That's quite useful to me
that we've grown in that way.
248
00:13:47,445 --> 00:13:54,555
And now we've got 10 stores across
the country and 40 experts that are
249
00:13:54,765 --> 00:13:56,505
well versed in handling these goods.
250
00:13:57,465 --> 00:14:02,445
So the evaluation part of it might be
not quite as difficult or us as you
251
00:14:02,445 --> 00:14:06,165
might think because of the expertise
that we've actually got a ball at the
252
00:14:06,165 --> 00:14:09,855
beginning, I'll call, you know, I, you
know, we were winging it a little bit and
253
00:14:10,665 --> 00:14:17,415
my bumpy Twitch on it, but I liked it if
it was that same for, I would probably
254
00:14:17,415 --> 00:14:19,365
wouldn't be that interested in it.
255
00:14:19,575 --> 00:14:21,045
I actually liked the idea.
256
00:14:21,790 --> 00:14:24,340
Having something presented to
us that we've never seen before.
257
00:14:24,790 --> 00:14:29,800
We've had some of these assets that we'd
never even huddled, never even existed.
258
00:14:29,860 --> 00:14:30,670
We've seen it before.
259
00:14:30,730 --> 00:14:32,020
What are we going to do with this?
260
00:14:32,020 --> 00:14:35,230
But you know, when you've got
good people around you and that's
261
00:14:35,230 --> 00:14:36,210
been the last sentence of this.
262
00:14:37,229 --> 00:14:38,819
He had a prototype airplane.
263
00:14:38,819 --> 00:14:41,430
I've seen you with a tank,
uh, the helicopter, you know,
264
00:14:41,430 --> 00:14:43,109
a sword engraved by assault.
265
00:14:43,109 --> 00:14:46,709
And it's certainly what makes
it interesting to watch from the
266
00:14:46,709 --> 00:14:51,900
outside that people have these family
heirlooms, they have these unique items.
267
00:14:52,469 --> 00:14:56,849
It's even more important for them
to have an option other than.
268
00:14:57,915 --> 00:15:02,775
That's really where the broke in
businesses are the only solution, I guess,
269
00:15:02,775 --> 00:15:04,815
for, for many of these unique scenarios.
270
00:15:04,815 --> 00:15:10,645
But while each one is unique on its own,
you know, across the country with 54, 60
271
00:15:10,645 --> 00:15:14,475
million people, there's quite a lot of
unique stories around there, which I guess
272
00:15:14,475 --> 00:15:17,085
you've, uh, created as your, your niche.
273
00:15:17,445 --> 00:15:17,715
Yes.
274
00:15:17,715 --> 00:15:20,685
There will be, well, then all
sentiments that we attach to Y.
275
00:15:21,454 --> 00:15:23,165
We do come across those people.
276
00:15:23,525 --> 00:15:27,265
We've heard all this should get
us some wonderful assets company,
277
00:15:27,265 --> 00:15:29,015
put some incredible stories.
278
00:15:29,555 --> 00:15:30,395
A lot of the times.
279
00:15:30,395 --> 00:15:34,265
I mean, they're the high end items
that we see are not, they're not always
280
00:15:34,265 --> 00:15:36,574
sentimentally attached to the problems.
281
00:15:37,415 --> 00:15:38,795
If it's a call.
282
00:15:38,795 --> 00:15:43,020
For example, if you go, if at the end
of the line, We're going to have to sell
283
00:15:43,020 --> 00:15:48,530
your Ferrari or your Lamborghini, then
yes, you can go out and buy another one.
284
00:15:48,540 --> 00:15:52,200
I like today, if your business
takes off or your circumstances
285
00:15:52,200 --> 00:15:54,090
change, then you can replace that.
286
00:15:54,090 --> 00:15:56,700
But there are clients out
there that are sentiments.
287
00:15:56,820 --> 00:15:57,480
It's action.
288
00:15:57,660 --> 00:16:00,330
They're not, you know, it's not
commonplace, but they do exist.
289
00:16:00,750 --> 00:16:04,200
And for us as a basis, I mean, we
don't want to sell people's goods.
290
00:16:04,200 --> 00:16:05,970
So I never wanted to set this business.
291
00:16:05,970 --> 00:16:08,700
That would be a shopkeeper, but
that's not why I went into the.
292
00:16:09,435 --> 00:16:14,115
The worst tastes in our, for me
is to be selling someone's goods.
293
00:16:14,535 --> 00:16:15,405
We don't want to do that.
294
00:16:15,405 --> 00:16:16,694
It's not good business for us.
295
00:16:16,694 --> 00:16:17,175
It's all.
296
00:16:17,505 --> 00:16:21,615
I mean, I think that there's a
misconception or used to be the people
297
00:16:21,615 --> 00:16:24,255
used to think, oh, well, the broker,
you know, he's going to get his hands
298
00:16:24,255 --> 00:16:26,205
online goods and he's going to sell it.
299
00:16:26,205 --> 00:16:28,875
And that's not the case itself
because it, once you set it
300
00:16:28,875 --> 00:16:30,405
up, you've lost that client.
301
00:16:30,645 --> 00:16:34,814
Now we spent thousands of thousands of
pounds, hundreds of thousands on marketing
302
00:16:34,995 --> 00:16:36,495
to get these guys to come in with it.
303
00:16:37,220 --> 00:16:41,150
If I bring that good things in it,
and I haven't required that on and
304
00:16:41,150 --> 00:16:42,710
I have to go to market with it.
305
00:16:44,840 --> 00:16:49,400
but it's no benefit for me to sell
that goods is actually a negative
306
00:16:49,400 --> 00:16:52,820
for me as a business because
we're adding on the interest.
307
00:16:52,820 --> 00:16:53,900
That's what it's all about.
308
00:16:53,900 --> 00:16:54,860
It's all about the interest.
309
00:16:55,280 --> 00:17:01,430
When we go to market, we will return
any student pass whatsoever to us.
310
00:17:01,430 --> 00:17:06,080
So if someone blows a hundred grand at the
end of the loudly, allowed them 30 grand.
311
00:17:07,079 --> 00:17:09,720
And the goods might
have 150 or 200, right?
312
00:17:09,930 --> 00:17:11,760
The pod always gets the balance back.
313
00:17:11,760 --> 00:17:15,540
That's quite important because
we don't ever own property.
314
00:17:15,540 --> 00:17:20,159
We're custodians of the goods and
we facilitate the sale and we've
315
00:17:20,159 --> 00:17:23,849
got a duty of care to make sure
the item itself, the best price.
316
00:17:24,420 --> 00:17:25,109
I mean, nothing.
317
00:17:25,109 --> 00:17:28,649
We don't go to market with that
many goods percentage wise.
318
00:17:28,649 --> 00:17:29,940
It's relatively small.
319
00:17:30,240 --> 00:17:33,720
I'm glad you brought that up because one
of the questions I had was how you turn
320
00:17:34,080 --> 00:17:35,879
under the value of the asset into a loan.
321
00:17:36,615 --> 00:17:40,605
But with having that balance back to
you, it removes a lot of that risk.
322
00:17:40,605 --> 00:17:41,355
You don't have to think.
323
00:17:41,355 --> 00:17:45,075
Well, either way, my diamond
rings on the line, I better take
324
00:17:45,075 --> 00:17:46,185
the full a hundred thousand.
325
00:17:46,815 --> 00:17:50,475
You can be comfortable taking the
20,000 you need, because if it
326
00:17:50,475 --> 00:17:51,885
falls apart, you getting that.
327
00:17:52,710 --> 00:17:52,919
Yeah.
328
00:17:52,919 --> 00:17:57,629
I mean, generally we lend up to 70% of
a market value, went into the ground.
329
00:17:57,879 --> 00:18:01,800
This is what, there's a little bit of a
tough pill for some people to swallow.
330
00:18:02,129 --> 00:18:04,439
When they think of the value,
they think of the value of
331
00:18:04,439 --> 00:18:06,060
when they go to in bond street.
332
00:18:06,419 --> 00:18:09,179
You know, I bought this for my
wife across a hundred grand only.
333
00:18:09,179 --> 00:18:10,590
What's a bar 90 about.
334
00:18:11,655 --> 00:18:15,945
The value is the second hand value, what
the market determines that stability.
335
00:18:15,945 --> 00:18:20,565
So if you're a hundred thousand pound,
diamond ring would sell it, one of the
336
00:18:20,565 --> 00:18:25,905
big four houses at 50 grand, we would
only really be able to lend you up to
337
00:18:25,905 --> 00:18:29,085
30, 35,000 maximum against that side.
338
00:18:29,955 --> 00:18:32,775
Some of these assets you
can't sell immediately.
339
00:18:33,075 --> 00:18:36,975
We've had pieces of all where we've
concepted some of the big auction houses.
340
00:18:37,185 --> 00:18:40,930
And they said, well, look, unfortunately,
that piece of art needs to go to Hong
341
00:18:40,930 --> 00:18:45,255
Kong and the Hong Kong sale is it till
next year is that you've got to factor
342
00:18:45,255 --> 00:18:48,465
all that in when you're presenting your
loan, because every month with those
343
00:18:48,465 --> 00:18:50,475
calls, you're incurring another costs.
344
00:18:50,505 --> 00:18:53,955
And you're also loading the price
with that as well, because the cost of
345
00:18:53,955 --> 00:18:55,965
borrowing doesn't stop until the items.
346
00:18:56,975 --> 00:18:57,935
In terms of the number.
347
00:18:57,935 --> 00:19:01,955
Anyway, the client receives, you've
got to factor all that in the
348
00:19:02,284 --> 00:19:06,605
desirability to that, but let's see,
depreciation is another big point.
349
00:19:07,024 --> 00:19:08,014
Gold fluctuates.
350
00:19:08,014 --> 00:19:11,315
It goes up depending on what's going
on globally, it might come back.
351
00:19:12,450 --> 00:19:14,300
We've got some bigger little the sense.
352
00:19:14,360 --> 00:19:20,390
Maybe not quite as simple as you're
listening to, how to lend money to
353
00:19:20,390 --> 00:19:22,340
strangers with Brendan LaGrange.
354
00:19:22,730 --> 00:19:25,430
If you're enjoying it now is a
great time to hit that little
355
00:19:25,430 --> 00:19:26,780
plus button to subscribe.
356
00:19:27,200 --> 00:19:27,500
Yeah.
357
00:19:27,500 --> 00:19:31,490
And I think the, the only downside or
there, the question that I have in my
358
00:19:31,490 --> 00:19:36,440
mind, when I look at that model where the
asset is so inherent in the loan, but when
359
00:19:36,440 --> 00:19:41,030
we think of customer loyalty and customers
coming back to you over and over.
360
00:19:41,834 --> 00:19:48,375
How do you try incorporate sort of rewards
for customer loyalty within this model?
361
00:19:48,375 --> 00:19:52,425
That, that still has the, the
main question being the asset.
362
00:19:52,695 --> 00:19:56,655
Are there ways for you to adjust
the percentage of a loan or
363
00:19:56,895 --> 00:19:58,365
either terms for customers?
364
00:19:58,365 --> 00:19:58,574
You know?
365
00:19:58,574 --> 00:20:03,195
Well, yeah, I mean, the client is
really paid so that in respects of the
366
00:20:03,195 --> 00:20:07,834
right and the doing, and we can cut
for a client, uh, we might be able to.
367
00:20:08,790 --> 00:20:10,980
And a little bit more
favorable rates them.
368
00:20:11,010 --> 00:20:15,270
If they've got a history of repaying
their lungs and not to say, well, my
369
00:20:15,280 --> 00:20:18,240
board against this piece of art last
year, I probably went back in my mind.
370
00:20:18,270 --> 00:20:21,600
I had it for two months and then I
go in again and I'll probably I'll
371
00:20:21,600 --> 00:20:24,510
be thinking, well, actually, if they
want a little bit more this time, I
372
00:20:24,510 --> 00:20:27,690
can probably lend them because they're
very likely to come and pipe back.
373
00:20:27,720 --> 00:20:29,550
I obviously attach to the sides.
374
00:20:29,730 --> 00:20:30,540
They want it back.
375
00:20:31,139 --> 00:20:32,429
If you don't pay your bank.
376
00:20:33,284 --> 00:20:37,514
And you've ended up in, you know, where
the CCJ you're very unlikely to be
377
00:20:37,514 --> 00:20:39,245
able to walk back into that Bible bowl.
378
00:20:39,254 --> 00:20:43,125
Mana, it's not quite on that with
us, but if someone didn't reply
379
00:20:43,125 --> 00:20:46,784
them on back to me and I, we solved
bakers, I wouldn't refuse them.
380
00:20:46,784 --> 00:20:48,254
I'm not alone, not often adults.
381
00:20:49,064 --> 00:20:53,534
So the next sell my soul and we just tweak
that line is a totally different thing.
382
00:20:53,534 --> 00:20:54,645
And it's holding.
383
00:20:55,455 --> 00:20:58,635
About the asset, like we said in
the beginning, Bob, well, let's
384
00:20:58,635 --> 00:21:03,045
talk about stolen goods, cause you
mentioned . I can think of one item.
385
00:21:03,045 --> 00:21:06,165
I think over the years I've been training
with the police time in the morning
386
00:21:06,165 --> 00:21:10,875
to talk to me about the visit about
criteria in terms of the ID checks that
387
00:21:10,875 --> 00:21:15,465
we do the past or the driving license,
we take images of people to put on their
388
00:21:15,705 --> 00:21:18,555
profiles, fencing, some stolen goods.
389
00:21:18,555 --> 00:21:19,995
You're not going to come and save it to.
390
00:21:20,880 --> 00:21:25,200
You know, that'd be putting themselves
at risk in terms of using me as a
391
00:21:25,200 --> 00:21:27,150
method of disposing of stolen goods.
392
00:21:27,390 --> 00:21:30,720
Going back to the offenses,
still legitimate goods,
393
00:21:31,200 --> 00:21:32,190
there's been a learning curve.
394
00:21:32,250 --> 00:21:32,970
That's a sure.
395
00:21:32,970 --> 00:21:36,690
I mean, there's some amazing
items out there right now.
396
00:21:36,690 --> 00:21:41,160
Some of these super fights, as I said
to you before, we've got a wealth of
397
00:21:41,160 --> 00:21:44,730
experience on board now, but you've
really got to still be careful.
398
00:21:44,910 --> 00:21:48,660
We had someone coming probably
about six months ago with a handbag.
399
00:21:48,990 --> 00:21:50,010
They've got a Chanel hat.
400
00:21:50,820 --> 00:21:55,890
And the fights I was safe from
Harrods, but that was amazing.
401
00:21:55,920 --> 00:21:57,630
It was absolutely incredible.
402
00:21:57,630 --> 00:22:00,300
But none of that, all I said was safe.
403
00:22:00,330 --> 00:22:02,340
Doesn't quite feel right to me.
404
00:22:02,350 --> 00:22:05,620
And we started looking at
it in more depth and sure.
405
00:22:06,705 --> 00:22:08,175
It turned out to not be it.
406
00:22:08,185 --> 00:22:10,095
So you get a feel for the client.
407
00:22:10,274 --> 00:22:12,945
There was a, God came in,
tagging him with a piece of art.
408
00:22:13,034 --> 00:22:15,635
It was very bad, super cautious.
409
00:22:15,635 --> 00:22:17,865
And he had a bank and
parts across the road.
410
00:22:18,405 --> 00:22:21,014
And I thought, this
just doesn't feel right.
411
00:22:21,105 --> 00:22:23,625
And I said, well, no,
he's never seen his car.
412
00:22:23,715 --> 00:22:24,345
It looks across.
413
00:22:24,764 --> 00:22:28,245
I said, yeah, I said, but when was the
last time you were able to park outside
414
00:22:28,245 --> 00:22:31,935
the inspire there, you have to wait all
day to find the spot, but he must've
415
00:22:31,935 --> 00:22:33,465
been sitting around the corner looking.
416
00:22:34,175 --> 00:22:37,985
Y you for a spice to appear in
order for us to be able to see
417
00:22:37,985 --> 00:22:39,425
his towel from the shop window.
418
00:22:39,514 --> 00:22:43,504
It's all these little tell, tell signs,
what field do we have for this drive?
419
00:22:44,014 --> 00:22:48,004
What field do we have about the story
about this asset, where it came from?
420
00:22:48,365 --> 00:22:49,745
The information that given you all?
421
00:22:49,745 --> 00:22:50,975
I didn't see free.
422
00:22:51,004 --> 00:22:52,355
Does it sound crucible?
423
00:22:52,895 --> 00:22:53,645
There's all that.
424
00:22:53,794 --> 00:22:56,764
And then the last thing
obviously is the physical line.
425
00:22:56,764 --> 00:22:59,824
So let's get this, let's
get it onto the Montessori.
426
00:23:00,735 --> 00:23:03,465
Let's call in our experts, et cetera.
427
00:23:03,495 --> 00:23:07,545
In some cases, external experts that
might be out a bit as a second opinion.
428
00:23:08,025 --> 00:23:10,845
So there's lots of processes
in place with the first core of
429
00:23:10,845 --> 00:23:12,735
goal is the client themselves.
430
00:23:12,735 --> 00:23:14,175
And is there still reportable?
431
00:23:14,985 --> 00:23:16,005
Yeah, that's great to hear.
432
00:23:16,005 --> 00:23:18,825
There's still that role
for the human intuition.
433
00:23:19,185 --> 00:23:20,205
You know, they're the experts.
434
00:23:20,205 --> 00:23:25,395
I there's a lot to learn, I think,
or a lot of insights in there for
435
00:23:25,425 --> 00:23:29,685
traditional lenders as well as they
look to go fully online, everything via.
436
00:23:30,660 --> 00:23:35,760
You do have branches where you talk
to people face to face, you are
437
00:23:36,000 --> 00:23:38,790
looking to solve their problems
and people respond to that.
438
00:23:39,360 --> 00:23:42,930
And you know, it's obviously not a model
that works for everywhere and there's mass
439
00:23:43,680 --> 00:23:48,030
market models that will be cheaper for the
banks to roll out, but there's still this
440
00:23:48,030 --> 00:23:50,460
value in understanding people's lives.
441
00:23:51,195 --> 00:23:53,865
Yeah, you're not going out there to
say what's the cheapest way for me to
442
00:23:53,865 --> 00:23:58,095
give everybody a thousand pound loan
is actually how, you know, how can I
443
00:23:58,095 --> 00:24:03,525
get all the pitfalls out the way to
allow people to leverage these assets?
444
00:24:03,525 --> 00:24:06,254
They already have short-term so, yeah.
445
00:24:06,285 --> 00:24:07,125
Thank you very much.
446
00:24:07,155 --> 00:24:09,965
As we've mentioned a
few times, you've got.
447
00:24:10,785 --> 00:24:11,565
The TV show.
448
00:24:11,595 --> 00:24:16,545
Uh, it was a channel four and a posh porn
out there where people can, can watch.
449
00:24:16,545 --> 00:24:19,605
I think my own opinion is worth
watching just for the sake of
450
00:24:19,605 --> 00:24:23,355
entertainment, but certainly it
gives a nice insight into what asset
451
00:24:23,355 --> 00:24:25,635
backed lending can do for consumers.
452
00:24:26,460 --> 00:24:32,580
For anybody else who's interested in or
potentially working with you potentially
453
00:24:32,580 --> 00:24:37,139
using you to access some credit or just
to learn more about prestige pawnbrokers
454
00:24:37,710 --> 00:24:40,050
where is the best way they can do that?
455
00:24:40,050 --> 00:24:42,270
Where can they go to look
for some more information?
456
00:24:42,780 --> 00:24:44,790
Well, you can go and prestige
457
00:24:48,450 --> 00:24:51,720
um, physically, we've got 10 stuff
where if you look at the website,
458
00:24:52,605 --> 00:24:56,145
Uh, Christie's bone burgers and
you'll find us underground locations.
459
00:24:56,685 --> 00:25:00,014
Uh, there's lots of guys out
there pretending to be us that
460
00:25:00,014 --> 00:25:02,024
we can pick up on one of them.
461
00:25:02,475 --> 00:25:06,455
There's lots of people are using
the Google ad terms and, uh, found
462
00:25:06,465 --> 00:25:07,385
a way to do like what we did.
463
00:25:07,395 --> 00:25:08,415
But if you got a
464
00:25:12,014 --> 00:25:13,875
you know, we've got an
app as well, Costco.
465
00:25:14,669 --> 00:25:18,419
And I get on all minutes on the phone,
I take a picture of a watch or could
466
00:25:18,419 --> 00:25:20,790
be an ad or a chair or a piece of art.
467
00:25:21,240 --> 00:25:24,419
And they got the instant
interaction with us, which is great.
468
00:25:24,419 --> 00:25:29,550
So every day we see dozens and dozens
of inquiries and images coming through.
469
00:25:29,879 --> 00:25:32,879
Um, so there's yeah, we're not,
we're not difficult to find for sure.
470
00:25:33,735 --> 00:25:36,075
Yeah, we've got the lending side of
it, which she said, this, what your
471
00:25:36,075 --> 00:25:39,135
folks, you know, obviously we've
got the retail side of the business.
472
00:25:39,345 --> 00:25:41,985
Although we all notice pull brokers.
473
00:25:42,075 --> 00:25:46,575
We obviously are, uh, one of the
lead guys, biggest buyers of setback,
474
00:25:46,605 --> 00:25:49,485
luxury goods, which is Chromat skulls.
475
00:25:49,515 --> 00:25:50,445
And online.
476
00:25:50,865 --> 00:25:54,435
We saw massive growth in that
during the pandemic, basically
477
00:25:54,435 --> 00:25:57,435
online sales, just gone through the
roof to be quite honest with you.
478
00:25:57,435 --> 00:26:00,855
It's been astonishing with so
mole with doing the pendant mounts
479
00:26:00,855 --> 00:26:02,055
than any other time in that.
480
00:26:02,930 --> 00:26:06,650
So that's quite interesting because
I know the pandemic has been quite
481
00:26:06,650 --> 00:26:10,850
devastating for some people, for a lot
of people that were not self-employed
482
00:26:10,850 --> 00:26:12,410
the Dean at their own businesses.
483
00:26:12,950 --> 00:26:15,010
They were actually worked
financially best for off.
484
00:26:15,010 --> 00:26:15,890
There's no doubt about it.
485
00:26:15,920 --> 00:26:19,130
We saw large chunks of the
loan book being paid back.
486
00:26:19,550 --> 00:26:23,060
We've seen it growing now the
other way, uh, because it let
487
00:26:23,060 --> 00:26:25,760
us governments or a lot of the
government and schemes of counseling.
488
00:26:26,520 --> 00:26:29,700
Yeah, I'm glad you mentioned that
because you know, we talked about
489
00:26:29,700 --> 00:26:31,830
verification and the risks involved there.
490
00:26:31,830 --> 00:26:36,330
You've built this team up that
has this rare mix of skills across
491
00:26:36,330 --> 00:26:37,590
so many different asset classes.
492
00:26:38,310 --> 00:26:42,960
You've clearly also then been able to turn
that into a general way to create trust.
493
00:26:42,960 --> 00:26:46,050
So there's trends as well about
being more sustainable, doing
494
00:26:46,050 --> 00:26:48,000
more or reusing of, of goods.
495
00:26:48,000 --> 00:26:51,180
So it fits that trend nicely, but
also just, yeah, I'm sure people at
496
00:26:51,180 --> 00:26:54,360
home during the pandemic, cleaning
out their houses, you know, nothing
497
00:26:54,360 --> 00:26:57,540
else to do in those first few months,
finding things they forgot they
498
00:26:57,540 --> 00:26:59,040
had realizing they don't need it.
499
00:26:59,550 --> 00:27:04,260
It's a way to turn that into some
cash when I'm not sure most people
500
00:27:04,260 --> 00:27:06,990
would know hard to, you know, if I
wanted to sell them one of my watch.
501
00:27:07,875 --> 00:27:08,745
Where would I do it?
502
00:27:08,745 --> 00:27:09,345
I don't know.
503
00:27:09,375 --> 00:27:14,205
And you've created, um, you know, another
way to where people can leverage that,
504
00:27:14,264 --> 00:27:16,395
um, expertise your team's built up.
505
00:27:16,754 --> 00:27:18,375
It's so simple to use.
506
00:27:18,705 --> 00:27:20,895
And I think people, when you're
right, when they've been sitting
507
00:27:20,895 --> 00:27:27,465
there maybe a hundred in the pan,
then Nevada draws a gold chain.
508
00:27:29,995 --> 00:27:31,845
that looks on the app store.
509
00:27:32,264 --> 00:27:33,225
Well, there's possible.
510
00:27:33,764 --> 00:27:33,985
Yeah.
511
00:27:33,985 --> 00:27:35,205
And it takes that stress out.
512
00:27:36,300 --> 00:27:39,330
It's a bit like when you get your car
serviced and the mechanic will pull out
513
00:27:39,330 --> 00:27:43,080
some thing you've never seen before and
tell you, yeah, there's cost five grand to
514
00:27:43,080 --> 00:27:45,510
get a new one in the shop under pressure.
515
00:27:45,750 --> 00:27:48,630
Whereas if you can do it at home,
you don't have the embarrassment
516
00:27:48,630 --> 00:27:51,030
of going in and somebody saying,
well, that's worth five pounds.
517
00:27:51,030 --> 00:27:52,410
It's, you know, it's mass market.
518
00:27:52,410 --> 00:27:53,340
You can see what it is.
519
00:27:53,820 --> 00:27:56,430
You can see if you're comfortable
with the price and you can
520
00:27:56,430 --> 00:27:59,580
Google around and see, okay, this
seems, it seems like a good deal.
521
00:28:00,585 --> 00:28:01,125
James.
522
00:28:01,275 --> 00:28:02,055
Thank you so much.
523
00:28:02,055 --> 00:28:03,045
It's been really interesting
524
00:28:06,375 --> 00:28:07,605
and thank you all for listening.
525
00:28:08,025 --> 00:28:11,475
This has been hard to lend money
to strangers with Brendan LaGrange.
526
00:28:11,835 --> 00:28:14,475
If you're enjoying the
content, please do subscribe.
527
00:28:14,745 --> 00:28:18,165
It really does help the show
and like, and share the content
528
00:28:18,165 --> 00:28:19,665
on LinkedIn while you're there.
529
00:28:19,725 --> 00:28:21,105
Send me a connection request.
530
00:28:21,705 --> 00:28:24,435
The show is written recorded
and edited by myself.
531
00:28:24,465 --> 00:28:27,345
Brendan LaGrange show music is by IMO.
532
00:28:28,350 --> 00:28:31,500
And full written transcripts
and more content can always be
533
00:28:31,500 --> 00:28:36,480
found@wwwdotouttolendmoneytostrangers.show.
534
00:28:36,870 --> 00:28:39,120
And I'll see you again next Thursday.
47077
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