LUXMAC  COVINO & COMPANY INC.

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IndexRate
U.S. Prime Rate8.500
12 Month LIBOR5.943
6 Month LIBOR5.731
COFI 11th District0.223
1 Year CMT5.180
10 Year CMT4.640
Last updated: 04/20
Equal Housing Lender

Most collectors have tremendous value locked up in their art and antiques. When it comes time to unlock that value, they don’t necessarily have to sell their art to create liquidity.

 

 

“Much of  my net worth is my Art Collection.  I was able to borrow against my vast Art Collection.  I diversified my wealth by using these funds to invest in other assets."

 

 

Art Financing

With the stock market volatility and the housing slump, many wealthy individuals are looking to tap into another kind of equity...the kind hanging on their walls. Our clients range from high net worth individuals to established Art Collectors and Dealers that need fast access to Cash on Art that they own. We are bringing our Expertise and Cash Flow to an otherwise illiquid market.

 


“I avoided the taxes and transaction costs associated with selling art. I borrowed against my Art Collection and was able to put the cash into my business." 

 

Art Financing Overview  

Art financing is the extension of credit using art as collateral. Some major financial institutions offer it as a special service to attract and retain high net worth clients. These lenders require a personal guarantee (and extensive financial review of the borrower, including tax returns and other sensitive personal financial information) in addition to the art as collateral. It can take over 30 days to finalize a transaction.

Our Art Financing process is a more simplified Financial deal that provides fast access to funds within a short timeframe, because it does not require personal financial information or personal guarantees. We work with an Art Appraisal report and funding can usually take place within 5 business days.

 

We offer factoring services to clients who need additional short-term funding due to substantial growth from new opportunities, or acquisitions of assets. Such needs are not always supported by a clients current Lender.

 

Our Clients leverage their current Operations to obtain liquidity for future growth. They do not have to rely on their operational history, give up equity in their business, provide personal guarantee, get further into debt or give up business control.

 

All that is required is that the client secures the Art in a third party bonded warehouse facility and get two appraisals from Christies and Sothebys. 

 

 

“I was able to purchase new works of Art by borrowing against my existing Art Collection.” 

 

 

Our Process Highlights

Timeframe: Fast! Typical deal is signed and funded within 5 business days from the date of verified appraisals. 

Funds Advanced: Flexible! Up to 50% of face value of Appraised amount.

Transaction size:  average $1- $5 million.

 



“I borrowed against my art to fund my divorce settlement, without having to sell my prized Art Collection”