Jericho-Based Company Turns Assets Into Cash

When Banks Don’t Lend, Flexwealth Does
“Unfortunately, the days of going to your bank for help are over …”
— Gary Brustein, Founder and CEO

With today’s turbulent economic climate making it nearly impossible for businesses and individuals to obtain traditional bank loans, many borrowers are putting up cars, watches, fine jewelry, and turning their assets into cash loans.

Flexwealth in Jericho, New York provides alternative lending exclusively based on hard assets rather than credit and financial disclosure. Therefore, borrowers needn’t prove they’re profitable enough to repay the loan, only that they have collateral valuable enough to secure a loan.

Established in May 2012 by Gary Brustein and business partner Lenny Somberg, Flexwealth is changing the way people borrow money. “Unfortunately, the days of going to your bank for help are over; people who were once considered credit-worthy borrowers cannot get loans,” said Brustein, the company’s CEO.

Since Flexwealth offers business and personal loans secured strictly against one’s assets, there are no credit checks or stringent financial requirements. Instead, the company values one’s assets and lends upon those assets. “All we need to know is how much you need and what assets you have to collateralize the loan,” Brustein said, adding that disclosure of how the funds will be used is not required. “All of Flexwealth’s transactions are discreet, and our client’s personal information is always kept confidential.”

Unlike traditional banks, which can take months to review an application, Flexwealth offers a swift and quick turnaround with loans typically delivered within 24 hours after an appraisal has been made and the terms of the note have been agreed upon.

As a fully licensed and regulated alternative lender, Flexwealth allows individuals to turn assets into cash loans—ranging from $5,000 to $1 million—on a variety of hard assets, including but not limited to automobiles (domestic, foreign, luxury, classic, vintage cars/trucks over $10,000 in value), luxury watches, diamonds, jewelry, and gold; boats, motorcycles, planes, helicopters, RVs, high-end handbags; antiques; as well as other business and personal assets.

Loan amounts vary depending on the asset and typically range from 50 to 70 percent of its value. For example, on a car with a retail value of $100,000 and a wholesale value of $80,000, Flexwealth will lend $50,000. Interest rates vary from 2.5 to 8.9 percent monthly, depending on the asset one is borrowing against as well as the length and amount of the loan.

While providing funds in exchange for hard assets isn’t something new, the need for turning assets into cash loans first became apparent to Brustein during his nearly four-decade-long career in the automotive industry. As the founder and owner of some of the most desired vintage, collectible, and luxury car dealerships on Long Island, Brustein would grant favors to returning clients and friends who, in need of short-term, bridge, or personal loans, would offer up their cars to him as collateral.

As the economy began to change—and not for the better—Brustein said he began to understand the high demand and market for alternative lenders that turn assets into cash. “The economy went through a major downturn in 2008 and after Lehman Brothers went out, I began to see the need people had to use their cars as another type of hard asset they could borrow against,” he said.

Flexwealth can turn your luxury assets into cash.

While Flexwealth’s Jericho location accommodates both local and national clients by turning their assets into cash loans, the company is already planning to expand with a Florida division set to open in early 2014 and locations in Manhattan, New Jersey, Dallas, Chicago, and Boston planned for the near future. “We are going into every major city to fill the need for capital for individuals and small business owners. We know the demand and the need is there,” he said, adding that the goal is to be “America’s Personal Asset Lender” and make Flexwealth your first choice for your financial needs like turning your assets into cash.

Flexwealth’s goal is to emulate private banking models that serve high-net-worth individuals. They look to accommodate America’s credit needs in a personalized, professional manner while applying the same principles as the nation’s premier traditional lenders such as JP Morgan Chase and Wells Fargo.