Borro approved for FCA regulated loans
Secured lender to wealthy clients, Borro, has announced today that it has received permission from the FCA to write regulated Bridging and Consumer Buy to Let loans.
As of Monday October 3rd, regulated property loans will be offered alongside Borro’s existing bridging and luxury asset products.
Overall, Borro expects regulated lending to make up 20% of the £75m in property loans it has planned for the next year. Since adding property the company has seen a 50% increase in luxury asset loan referrals from broker and packager channels. With the addition of regulated property loans, it expects this trend to continue.
Paul Aitken, CEO, 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 cements our long term commitment to the property lending market."
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