NEW YORK, Jan. 29, 2014 /PRNewswire/ -- Leading personal asset lender borro® has reached the milestone of issuing over $100 million worth of loans. Offering a faster, less cumbersome approach to traditional bank lending, borro lends up to $1 million on personal assets including jewelry, watches, luxury cars, fine art and antiques, fine wine and more. With no invasive background checks, funds can be wired within 24-hours.
"We've seen a tremendous surge in business over the past year," said borro CEO Paul Aitken. "borro's faster service compared to typical bank lending and the lower cost versus selling the asset are very appealing to high-net worth individuals and small business owners looking to strike while the iron is hot for new investments, including real estate and property development where time is of the essence."
borro's hundred-million milestone is comprised mainly of loans against assets such as jewelry (30%), art (21%), watches (18%), vehicles (15%), and even the occasional bottle of exceptionally rare wine (1%). Borrowers have entrusted borro with the care of such incredibly unique items as Olympic gold medals, an Oscar statuette, an original Salvador Dali watercolor painting, and a Patek Philippe Annual Calendar Chronograph watch.
To find out more about borro's award-winning, on-demand personal asset lending service, or to apply for a loan now, visit www.borro.com.
borro is a personal asset lender which offers small business owners, entrepreneurs and high-net worth individuals liquidity against luxury personal assets such as watches, jewelry, prestige and classic cars, fine art and antiques. Loan values are determined by expert appraisers with over 100 years of combined experience from the top auction houses. With borro there are no credit checks and money is received within 24 hours. The service can be completed online, or in-person and borro will lend $1,000 to $1,000,000 depending on the asset.
- All assets are stored in secure and insured specialist vaults/premises. Fine art and antiques are stored at fine art storage specialists and luxury cars are stored in a dehumidified and climate controlled premises.
- borro offers appointments at their valuation center, home visits, and various premium collection options including same day couriers. All these services are fully insured and provided for by borro.
- All assets are fully insured whilst in storage with borro for the duration of the loan.
- Founded by Paul Aitken in 2008, borro's investors include Canaan Partners, Ribbit Capital, Augmentum Capital, European Founders Fund, Eden Ventures and Octopus Investments. These companies have invested in Match.com, Lending Club, LinkedIn, We7, Betfair, Egg, Sportingbet, Facebook, and more.
- borro is a registered trademark of Borro Limited.
- borro is licensed by the City of New York under the Collateral Loan Brokers Law, Article 5 of the New York General Business Law, license number 1412743.