Beverly Loan Adds Office Space in LA; Opens Brand New Office in New York City’s Diamond District
Business at Beverly Loan is booming, even in the wake of the recession. The strength of the business is enabling the company to grow, by both enlarging its original location in Beverly Hills, as well as opening up a brand new location in the heart of New York City.
The owners of Beverly Loan will open a new location in the International Gem Tower in New York City’s Diamond District in spring 2013. The New York branch of the company will be called New York Loan Co., and will be headed by Jordan Tabach-Bank, president and CEO of Beverly Loan Co.
“After 75 years, it was long past due that we opened a second location, and no location is better in the world than New York City,” Jordan said. “We’re truly looking forward to bringing our confidential collateral lending expertise to the East Coast.”
New York Loan Co. will focus on the same high-end clientele as Beverly Loan Co. does in Los Angeles. The company has always made loans to people of all walks of life, but it specializes in white-collar clientele, such as doctors, lawyers, accountants, hedge fund managers, politicians, and others that are not traditionally expected to borrow from pawn lenders. Beverly Loan Co. and New York Loan Co. specialize in large diamonds, gold and platinum jewelry, fine art, and one-of-a-kind memorabilia.
The Diamond District is an ideal location for the high-end lender, as approximately 90 percent of the diamonds that enter the United States pass through the district. And it’s location in the International Gem Tower will put it in the center of the industry.
“We will be one floor below GIA and we will have 30 floors of the best and the brightest in the jewelry industry at our disposal,” Jordan said. In addition to its exceptional design and high-end tenants, the International Gem Tower is known for its state of the art security. The tower has a UL-rated, Class 3 vault, and a top-of-the-line security management system. “We value the security and safety of both our clients and their collateral, and there is no safer place in the world to store one’s jewelry than the vaults of the International Gem Tower,” Jordan said.
Though those at Beverly Loan are looking forward to the opening of the East Coast location, the company is not planning any grand opening celebrations. In the collateral lending industry, it’s difficult to have a grand opening party due to the confidential nature of the business.
“As much as we would like to have a huge celebration to mark this unbelievable milestone, it always proves difficult in this industry,” Jordan said.
“We will soon be the only bicoastal collateral lender with two buildings with valet parking,” Jordan said.
Expansions, New Features in LA Location
Beverly Loan is not only expanding to the East Coast, but has made major additions to its home office in Beverly Hills as well. It’s the largest expansion Beverly Loan has done since 1987. The company has added a large conference room, expanded its art and memorabilia vault, and added private offices. The changes include an additional 1,000 square feet of office space.
“It’s extremely important to us to let our square footage grow as our business grows,” Jordan said. “And we must maintain private offices in order to ensure a confidential lending experience.”
Beverly Loan has not moved from its office building location above Bank of America, where all collateral is safely stored. It is still located on the corner of Beverly Drive and Little Santa Monica Boulevard, one block east of Rodeo Drive.
Beverly Loan is also hiring at both its Beverly Hills and New York locations.
It’s especially unique that the company is experiencing this growth while the country is climbing out of a recession. Beverly Loan’s success is a testament to the strength of the company, in good economic times and bad.