Borro secures FCA permissions

Ryan Bembridge

September 14, 2016

FCA financial conduct authority

Borro has secured Financial Conduct Authority permissions to write bridging and consumer buy-to-let loans.

The lender will offer regulated property loans from Monday 3 October which will sit alongside its existing bridging and luxury asset products.

Paul Aitken, chief executive of Borro, said: “Our property clients are the same as the luxury asset ones, wealthy individuals who want fast access to credit.

ASTL16: Regulator surprised at bridging sector quality

“Offering FCA regulated loans enhances that offering further and it shows our long-term commitment to the property lending market.”

Borro plans to complete £15m of regulated property lending next year, which should make up 20% of its overall property lending.

Borro offers loans secured by a broad range of assets including property, fine art, jewellery, watches, fine wine and classic cars.

Since launching in 2011 the business has originated over £200m in lending with average loan size of £55,000 for luxury assets and £1m for residential property.