Borro secures FCA permissions

Ryan Bembridge

September 14, 2016

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.

“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.

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