Mortgage brokers and packagers make up 23% of borro’s introducers while IFAs account for 35%. Some 4% of introductions come from bridging brokers and 8% of enquiries stem from loan brokers and packagers.
Paul Aitken, chief executive and founder of borro, said: “In the current economic climate it is hard for individuals and businesses to access finance. As a result 40% more intermediaries have recognised that in the right circumstances clients can use valuable personal assets to raise funds without lengthy bank processes or using property as a guarantee.”
The top five reasons introducers refer their clients to borro are; to bridge funding gaps either side of a transaction, to pay a tax bill, to pay a legal fee or school fees, to fund projects such as property developments and to release working capital.
Art dealers and wine merchants both make up 4% of borro’s introducers while asset finance brokers only account for 3% of the introductions.
Aitken said: “At borro we have seen a huge rise in art and wine collections coming through our doors so it is great to have wine merchants and art dealers on our books. Introducers are becoming more aware that services like ours can offer their clients a fast and transparent lending channel that is increasingly becoming mainstream.”