LATimes: The jingle of jewelry at a Beverly Hills pawnshop
The chief executive of Beverly Loan Co. says more affluent people than ever need cash this holiday season, although most customers he gives loans to reclaim their expensive jewelry and other items.
By Bob Pool, Los Angeles TimesDecember 24, 2011
Jordan Tabach-Bank, chief executive of Beverly Loan Co., holds an MTV video music award brought in by one of his clients. (Christina House, For the Times / December 21, 2011
A Beverly Hills real estate broker is waiting for escrow to close on two upscale properties, but that won’t happen until after Christmas.
So what is a powerhouse agent to do to generate some quick spending money for holiday shopping?
This one hocked her diamond Patek Philippe watch at a Beverly Hills pawnshop for cash. She’ll reclaim her $15,000 timepiece when the deals close, said Jordan Tabach-Bank, chief executive of 73-year-old Beverly Loan Co.
“Never before have we seen so many affluent people needing cash,” he said. “People are in a cash crunch. You can’t go to the bank for a loan for holiday shopping.”
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