lellikelly

Wealthy professional people are increasingly turning to pawn­brokers for help in tackling short-term cashflow crises, with Aston Martins and Rolexes being offered as collateral to pay for luxury holidays and even private school fees. Some of the UK’s more upmarket pawnbroking companies are reporting a significant rise in borrowing to fund expenses such as school bills as the effects of the credit crunch hit home. The Milton’s chain in north-west England reports a 25 per cent increase in loans, with a marked trend towards high-value pledges to meet school fees. “We have definitely seen this,” said director Heywood Milton. “We have had people pledge larger diamond rings and Rolex watches. They have got money, they have got assets, they have just got a lot of money going out. It’s a trend in general that also applies to school fees.” In London’s Victoria, Sutton’s & Robertsons, which takes pledges of up to £500,000 ($974,754), reports “a significant increase” in the number of diamond rings, watches, gold bracelets and other valuables being pledged in the past 12 months. It also reports a rise in turnover of about 25 per cent. “We are seeing a big rise in repeat business from professional men and women bringing in the same items to secure a cash loan,” said group director Jim Tannahill. “People need a short-term loan for all sorts of reasons, such as holidays, cars, investment opportunities and even to pay the school fees.” Pawnbrokers have become a lender of choice for the wealthy, partly due to the tightening of borrowing criteria by banks. “It’s easier to go to a pawnbroker,” said Des Milligan of the National Pawnbrokers Association. “You can get a substantial loan, with no questions asked, and no conditions. I have heard of someone taking a loan of £30,000 by depositing an Aston Martin.” Nevertheless, banks are expecting more parents to turn to them for help with school fees. Sainsbury’s Finance is forecasting an increase in loan applications for school fees, having seen about 18,000 loans worth an estimated £165m taken out last year. On average, parents borrowed £9,065 to cover the bills. Steven Baillie, Head of Loans, Sainsbury’s Finance, said: “A combination of a rise in the cost of living, more children going to private school and the cost of private education rising could lead to more parents taking out loans to help fund their children’s education.”

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Totally agree. What a strange shade and and a strange location. No open access, only footpath, I just couldn't figure out how to drive in or out! And it also looks like it is for disabled people/elder people---then why it was built to a 3 story? I just can't figure out the reason.