|[October 22, 2013]
Trov Simplifies Borrowing Against Tangible Assets
SAN RAMON, Calif. --(Business Wire)--
Trov®, whose applications help people collect and benefit from the
information about every thing they own, today announced it has partnered
with the leading collateral-based lenders to enable Trov members to
borrow against their personal property. Art Finance Partners, borro,
Flexborrow and Suttons & Robertsons will provide secured loans against
assets stored in a personal Trov. In doing so, these companies help Trov
members unlock the value of their assets - from jewelry and watches to
art and antiques - by leveraging them for short-term financial needs.
Trov is a private cloud-hosted digital locker where detailed data about
individuals' property and possessions is uploaded, regularly valued,
securely managed and selectively connected to partners who offer
advantages to Trov members. Trov's lending partners provide both a means
to seamlessly borrow against tangible assets, as well as various
discounts, credits and VIP services that help individuals benefit from
every thing they own.
"We are delighted to partner with these specialty lenders to provide our
members with liquidity options that go beyond traditional financial
holdings," said Scott Walchek, founder and CEO of Trov. "Trov members
can now just as easily leverage their art or jewelry collection to
obtain liquidity, as they can their stock or property holdings. And
because Trov updates members as the value of their possessions change,
they can act expediently and draw funds as needed."
Art Finance Partners, borro, Flexborrow and Suttons & Robertsons will
help Trov members convert unconventional assets such as fine and
decorative art, antiques and collectibles into discretionry capital
without requiring the sale of these assets. That means members retain
the benefit of any appreciation in the value of their collection, while
still enjoying the flexibility that leverage provides.
"We see the partnership with Trov as a very natural fit," said
Christopher Krecke, Partner at Art Finance Partners. "Trov helps
individuals digitally capture, value and manage their collections, while
Art Finance Partners provides them with additional buying power and
liquidity when most needed. Together, we are arming Trov members with a
seamless way to unleash equity from their collections, and put those
valuables to work."
"Suttons & Robertsons has valued and held pledges against countless
fascinating and exceptional items in its 240 years of business, and we
are delighted to help Trov members benefit from the value inherent in
their collections," said Scott McCree, Managing Director of Suttons &
Robertsons. "Our mission is to make the loan process quick, convenient
and civilized, and we look forward to bringing this same level of
service to individuals who manage their tangible assets in a Trov."
"borro brings Trov members a discreet, convenient and transparent way to
release equity from assets over the internet," said Tom McDermot,
General Manager, USA at borro. "We secure short-term loans against a
variety of personal assets, including jewelry, watches, gold, art, boat,
cars, and fine wine, and any of those items stored in a Trov are
eligible for a personal asset loan at discounted lending rates."
"We are delighted to provide Trov members with a streamlined way to do
asset-backed loans," said Gary Brustein, President and Co-Founder at
Flexborrow, and former owner of Long Island Bentley and Long Island
Lamborghini. "Flexborrow offers loans against a vast range of individual
or bundled assets - everything from classic cars and planes to high-end
handbags - and provides Trov members with a financing alternative,
beyond bank loans."
There are a number of ways to add assets to a Trov. Qualified appraisers
and insurance risk managers use Trov's professional application,
TrovCollect, to gather detailed information about tangible assets and
assess value when they are in clients' homes. Additionally, new
acquisitions can be automatically added to a personal Trov at retail
point-of-sale, via electronic receipts, and - soon - through Trov's
mobile application. As values change, the Trov user is notified - and
can take action to leverage or protect tangible assets.
To activate a Trov, visit trov.com or contact your insurance broker.
About Trov Inc.
Trov creates applications that help people collect and benefit from the
information about every thing they own. The data is stored in a personal
Trov - a private online digital locker where their information is
organized, valued, securely accessible, and selectively sharable.
Members receive unique benefits from Trov partners, including the
world's leading insurers, wealth managers, luxury retailers, financial
services, auction houses, appraisers, and more. Trov is privately
funded, and headquartered in the San Francisco Bay Area with offices
throughout the U.S. For more information, visit Trov.com or follow us on
Twitter (News - Alert) @mytrov.
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