borro completes first £1 million loan

The loan was secured against a 19th century fine art collection, valued at £5million, to complete a large property deal.

Malcolm Scanlon of Niche Solutions commented:

“Our client required additional short term finance to bridge a shortfall in funding to purchase a property and borro provided a flexible solution.

"The advantage of borro was that there were no restrictions in place meaning the money was transferred a lot faster than traditional lenders.  The client will pay the loan back when they receive the proceeds from another sale in the next 4 months.”

borro, which recently secured new funding from Octopus Investments and Augmentum Capital, has seen a 111% increase in loans of over £20,000 over the past six months and according to Paul Aitken, borro’s CEO, the vast majority of this increase has come from small business owners and the self employed.

Paul Aitken said:

“It is clear from the size of the loan which we have just made to Niche Financial Solutions’ client, taken with the steady increase in loan sizes we have seen this year that borro’s service fills a growing need for larger loans, which is not being met by banks.

"Our ability to lend against personal assets provides intermediaries with a hugely effective facility that not only gives clients a way of securing deals which would be otherwise lost, but also offers an excellent new income stream for introducers.”