Asset finance

Borro completes its largest luxury asset loan

Specialist lender Borro has provided £6m of funding for its largest-ever luxury asset loan.

The client – referred to Borro by a regular partner – provided a small collection of blue-chip postwar and contemporary art by American artists as security in order to refinance an existing loan.

Due to its familiarity with luxury assets, Borro was able to offer the client additional funds and more flexible exit terms.

Paul Aitken, CEO and founder of Borro, said: “I’m happy with the progress the business made in 2015 and 2016.

“Launching property lending, our turnaround in operating profit and FCA regulation across our UK products were all significant milestones for Borro.

“Now we have begun 2017 with our largest luxury asset loan ever and delivered 30% growth in Q1.”

The announcement follows the launch of a 48-hour valuation guarantee for Borro’s bridging offerings in March.

Earlier this year, the lender provided a £23,800 loan within three hours of the security being appraised.

Paul added: “I expect us to continue the year as we have begun.”

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