The rich are different
June 19, 2009 | Center for Responsible Lending, Mother Jones, alternatives, industry | Comments (0)A Mother Jones blogger calls this financing scheme–using art as collateral for loans– “Payday Lending for Rich People.” Actually, it’s more like pawn lending. We loved this line which sounds like something Center for Responsible Lending would say:
The average Art Capital Group loan is $5 million and has a duration of just two years: if someone doesn’t have $5 million now, what are the chances that they’re going to be able to repay that kind of money in two years’ time?
Follow the link above to the blog post and then the link from the post to the article.
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