More musicians trading rare instruments for loans

A British personal asset management company has reported a growing trend in the number of rare instruments being traded as collateral for loans.

borro, a British company which offers loans of up to GBP1m (€1.19m) for high value assets, has recently seen a number of sought-after instruments enter its vaults.

The list includes a Gibson Les Paul guitar with a loan value of GBP80,000;  a Fender Stratocaster Red with a loan value of GBP17,000 a Louis Armstrong Selmer Trumpet from a client in the US which achieved USD4,000; and a mid-18th century Swiss violin, which fetched GBP786.

Paul Aitken, CEO and founder of borro, said: ‘We have clients realising that investments they have made in rare and prized musical instruments can be used to release capital. Against the current economic background, we are seeing clients looking for savvy ways of raising money to perhaps realise business opportunities, or to pay for unexpected financial situations. Unlocking the value of unique personal assets provides a solution that doesn’t involve permanently parting with valuable assets – that may also be family heirlooms with a great deal of sentimentality attached.’

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