Unexpected Way to Get a Loan
We found out where some S.F. developers are going for funding, and the answer might surprise you (just like getting proposed to, which is a hint).
The men behind the family-run operation are father and son Joseph and Marcus Chait, who just opened this new space next to the historic US Mint, called 66mint, a few months ago. It's connected to the Chaits' S.F. Loan Provident Association, which has been offering short-term collateral loans against luxury assets since the year the Titanic sank. Throughout 66mint is a mix of former engagement rings, some of the finest jade in the world, family heirlooms, and pieces the business has bought over the years. Here, Marcus shows off a $30k bracelet.
Does Marcus look familiar? He was an actor for a dozen years, even playing opposite Clint Eastwood and Hillary Swank in Million Dollar Baby. Eventually he founded a film production company that was sold to Random House a few years ago, which allowed him to move his family back to the Bay Area where he's from. He joined his dad at the biz that's been in their family since the early '50s. Now the two sit across from each other in desks that separate 66mint from S.F. Provident. The two businesses are related but kept apart; sometimes a jewelry buyer will want to just browse 66mint's baubles, while someone else may arrive with diamonds in hand to make a loan next door.
A spike in biz is coming from real estate developers, opting to use S.F. Provident over traditional banks because they can get the money faster. (The Chaits can back a sparkly asset with up to a $1M loan, which can take as little as 15 minutes to write out the check.) One woman who flips houses has a suite of jewels on hand when she wants to invest. Short on a $50k down payment? She shows up with an arsenal of Cartier watches and diamonds and says she'll be back in three months after she sells the place.
One of the most expensive pieces at 66mint is this six-figure Tiffany's ring (we were too nervous to try it on). Divorced women regularly are willing to give up their engagement rings, he notes. Those unwilling to part with their sentimental gems prefer to make a loan with them to help access capital. He says many people, especially in S.F., have loads of jewels at home and are asset rich and cash poor. 66mint also hosts exclusive jewelry buying and selling events, letting groups of friends get a private showing of the collection while drinking champs.
The building was established by top hat-wearing financial heavyweights to give people an alternative to neighborhood pawn shops, in a place that felt more like banking as opposed to being ripped off. Not much has changed in that regard; S.F. Provident prides itself on giving clients the best opportunity of redeeming their assets at the end of their loan term. At the end of every day, this bank-level security vault gets locked up to guard the jewels; Marcus couldn't get back in until the next day at 9am even if he wanted to. (We'd call George Clooney to go Oceans 11 on it, but he's got his own nuptials keeping him busy.)
The Chaits have been instrumental in changing the Jesse Street alley, which has been rebranded as Mint Plaza. They leased the downstairs space to Blue Bottle nearly a decade ago, which was back then an unchartered territory for a coffee shop. He remembers when you couldn't walk through the area without fear of being accosted; now the alley is stocked with highly caffeinated SoMa software engineers, food trucks, and chairs. Another sign of better times: Martin Building Co is now going the condo route, selling the Hales Warehouse and Sliver Building units at Mint Plaza.
