May 23, 2018
A 3rd generation pawnbroker, Jordan is the CEO and owner of Beverly Loan Company, an upscale pawnshop specializing in discreet collateral loans against fine jewelry, watches, artwork and memorabilia. This pawnshop caters to socialites, business people and celebrities who require collateral loans against their prized possessions, in a confidential office building. In 2013, Jordan founded New York Loan Company, and most recently, purchased Chicago Loan Company. Jordan is a graduate of the University of Michigan and Loyola Law School, a member of the State Bar of California and sits on the Board of Directors of the National Pawnbrokers Association.
[01:46] Jordan’s grandfather started the business in 1938, who later gave his mother the business. When his mother passed on, Jordan decided to take up the mantle.
[05:25] Beverly Loan Company charges a standard of 4% a month
[06:04] Most of the items pawned includes jewelry, fine watches and artwork, especially at the New York location
[07:33] What’s been the hardest part of running the stores? “Opening stores 3000 miles apart from one another is not an easy task”
[08:24] “There’s a stigma attached to our industry, and it’s my goal to debunk that stigma”
[09:51] When do people with money need money? There are times when persons’ capital are tied up in investments and big properties. There are also people with poor credit, but have a lot of money in properties that need personal loans
[15:35] One of the most unique items Jordan has seen was an expensive wine collection
[14:17] What makes you so involved in the industry and why is it important for people to be as involved? It’s important to dispel the stigma that pawn is for low class people and the NPA does a great job of conveying this
[15:55] Success tips for pawnbrokers:
- Hire the best and compensate well
- Have a loan first mentality
- Be confidential
- Run every penny through the company
[20:20] “Don’t be scared to take on new forms of collateral. Don’t be scared to take on things that you don’t know a lot about. Educate yourself”
[22:05] “I like having a client in my office. I like having my clients come in to make their payment in person and not paying mobile”.