NEW YORK (MainStreet)There's a new bank in town. One that can wire a million dollars in 15 minutes without checking your credit. No lengthy interviews, no invasions of privacy, no risking your home. If you need a quick pile of cash, it's time to check out "the people's bank."
"Welcome to paradise," says Jordan Tabach-Bank of New York Loan Company. I've traversed a heavenly white lobby, passed the sleek security desk, eye scanners, metal detectors and computerized elevator to reach a "bank" so unique the owner even has "Bank" in his name.
Upstairs, the construction's so fresh the hallway's concrete subfloors are still exposed. But just past the bullet-proof door lies an electrically switchable display case full of glittering diamond necklaces, stunning gold rings and a silver astronaut MTV award. The conference room features rare Warhol sketches. And the chic offices sport a beautiful view of what Tabach-Bank wants to rise above: the garish signs of New York's diamond district.
"Banks are not lending as they once did," says Tabach-Bank. "As a result, pawnbrokers have been coined as 'the people's bank.'" But he wants to take this bank high-end and mainstream.
"If you have a mortgage against your home, it's a home loan--nobody is embarrassed by that," he said. "I don't believe you should be embarrassed by using a five-carat diamond ring either. Both are loans on assets that you own and are leveraging."
And you can leverage a lot. "Typically our loans are four- and five-figure loans," he says, "But we can also make loans of seven figures."