Borro expands into US market with New York office
- borro to provide personal asset loans to New York residents and commuters from the Tri-state area through www.borro.com
- or at their midtown Manhattan offices
- In the first ten days, borro has issued $100,000 in loans via online soft launch
- borro saw a 3x increase in UK customers borrowing against their personal assets last year
borro, the UK’s fastest growing personal asset lender, today announces it has expanded into the U.S. market with offices in midtown Manhattan and via an online presence at www.borro.com.
Applying the same successful model launched in the UK, borro will provide loans of up to $1,000,000 to the New York and Tri-state area secured against high-value personal assets such as luxury watches, fine art, antiques, and luxury automobiles. Highly qualified valuers, formerly of Sotheby’s, Bonham’s and Christie’s will provide the customer with the most accurate valuation against their assets, in order to provide the best deal. All assets will be stored in secure and insured vaults or specialty premises.
The majority of borro’s UK customers are entrepreneurs and small business owners. According to the United States Census Bureau, there are 2.3m small business owners and sole proprietorships in the New York Metropolitan area. In an already tight credit market, these customers are often looking for but may have trouble obtaining short-term financing. borro has already lent $100,000 in the first 10 days of its US soft launch, predominately to this market, with an average loan amount of $10,000.
Paul Aitken, CEO of borro, comments:
“Our experience in the UK over the past three years proves the need and value of the borro model. Our UK business has grown four-fold each year, and we have already seen a demand for our services in New York.”
“Our service is quick and discreet and a loan can be redeemed at any time without penalty. We employ expert valuers or appraisers so that we can safely lend the maximum amount against an asset. Our customer experience from beginning to end is exceptionally smooth and efficient.”
borro in the UK
At the end of this year, borro’s UK vaults and specialist storage contained assets worth in excess of £20 million. In 2011, the average loan value increased to £3,500 (up from £1,000 in 2010) for fine art and antiques, luxury watches, jewellery, prestige cars and other assets. Overall, borro has seen an increase of over 3x the number of customers borrowing against their personal assets. A loan of £1 million against a fine art collection was also completed last year.
borro offers loans of £1,000 to £1,000,000 secured against fine art, antiques, prestige cars, luxury watches, jewellery, gold, fine wine other high value assets. Assets are stored 30 feet underground at the 120 year old London Silver Vaults in Chancery Lane, as well as a range of specialist storage facilities for fine art and antiques, fine wine and prestige and classic cars.
Founded in 2008 by Paul Aitken, borro has become the fastest growing personal asset lender in the UK, and was recently named the Alternative Lender of the Year by ‘Credit Today’ magazine. A transaction with borro is transparent, with all rates and processes made clear from the outset. Loans can be redeemed at any time without penalty.