Capital Club Collateral Loans Using Luxury Assets with Dewey Burke
Welcome back to the Colloquium Podcast! In this episode, I welcome Dewey Burke, Founder and CEO of Luxury Asset Capital, an alternative finance segment that provides loans using borrowers’ luxury assets as collateral. As the CEO of the company, Dewey is in charge of formulating the company’s strategy and overseeing its execution. Under his leadership, Luxury Asset Capital has experienced 9x growth of AUM since January of 2017, raised $100m in investor capital, and acquired its largest competitor, Borro, in February of 2020. Dewey earned his Bachelor’s degree from the University of North Carolina, where he also played as a basketball player and won two ACC Championships.
In this episode, Dewey talks about how Luxury Asset Capital processes a collateral loan, from the valuation of the assets to the fees and costs. He also talks about what sets them apart from commercial banks and what advantage they are giving their present and future clients. Join us and listen in!
[00:01 – 10:35] Opening Segment
- I introduce Dewey to the show
- Dewey shares his background
- Working at equity firms
- Being in the collateral financing space
- Launching Luxury Asset Capital
- Playing basketball at UNC
- Definition of terms
- Collateral loan
- Why their company is fundamentally different
[10:36 – 22:30] Breaking Down the Lending Process
- Dewey shares a story from one of their deals
- How they closed the deal so quickly
- Establishing themselves in the marketplace
- How they handle the valuation of the assets
- Working with experts
- Luxury and fine arts
- Different types of collaterals
- Rare assets
- Dewey talks about fees and costs
- Courier fees
- Their difference from a bank
- Logistics
- How they store the collaterals
- Tokenized assets and NFTs
[22:31 – 28:49] Today’s Market and Future Plans
- Working in the sports entertainment industry
- Working with athletes and entertainers
- Referral partners
- Indirect opportunities
- What’s next for his company
- Accelerating growth
[28:50 – 34:12] Closing Segment
- How you can begin the process
- How you can connect with Dewey and his company
- Most exotic collaterals they dealt with
- Final words
Tweetable Quotes
“Essentially, it's about education. People don't know that this is a thing. They don't know this exists, and it's rare that I have a conversation where I explain our business proposition to someone and they don't say ‘Wow, that makes a lot of sense.’ Conversations like this are helpful, and just educate the consumer that the bank isn't the only option. The assets the bank considers are not the only option.” - Dewey Burke
Resources Mentioned:
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Connect with Dewey on LinkedIn!
Check out Borro on LinkedIn and Twitter at @borrobuzz!
Connect with me:
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