The top three property related reasons for coming to borro are funding property development and redecoration e.g. building an extension or conservatory; covering the costs of owning a rental / second property while unoccupied or before a sale and bridging purposes.
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 all other customers short-term loans of £1,000 to £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. A transaction with borro is transparent, with all rates and processes made clear from the outset. There are no credit checks and loans can be redeemed at any time without penalty.