The three most popular reasons for customers to turn to Borro include funding property development and redecoration, covering the costs of owning a rental or second property while unoccupied or before a sale and bridging purposes.
Borro conducts business via intermediaries and has almost 3,000 intermediaries signed up to its introducer programme. Borro said it has seen a 567% increase in the value of business from intermediaries in the first eight months of 2012 compared to the same period in 2011.
Paul Aitken, CEO of borro said: “With property related applications continuing to increase, it is clear people are still finding it hard to secure loans from traditional sources of finance. Others may be finding the stagnant property market continues to work against them. Our clients are turning to their existing assets as collateral for loans; in the past a borro customer secured a £50,000 loan against a Henry Moore Sculpture in order to complete a property deal, and another customer took out a £40,000 loan against a pair of Cartier earrings, to start their own business buying and selling property.”
“Brits are realising that they have collected an array of valuable personal assets they can use to raise funds without lengthy bank processes. The vast majority of our customers redeem their assets demonstrating the risk free and efficient service we provide.”
Borro offers small business owners, entrepreneurs and other customer’s short-term loans of between £1,000 and £1,000,000. Loans are secured against assets including fine art, antiques, prestige cars, luxury watches, diamond jewellery, gold, yachts, fine wine and other high value assets.
