MORE INTERMEDIARIES TURN TO PERSONAL ASSET LENDING AS A SOURCE OF LIQUIDITY FOR CLIENTS

The company saw over £10m worth of loans come from intermediaries (financial advisers, accountants, solicitors, lawyers, wealth managers and tax advisers) in the last quarter of 2011, and it looks set to see this figure rise as both the amount of referred business and the value of their client’s personal assets continues to increase.

Paul Aitken, CEO of borro, comments:

“With the banks making it hard for many people to access unsecured lending facilities, many intermediaries have recognised that valuable personal assets can be used in certain circumstances to raise funds without lengthy bank processes or utilising property as a guarantee.  Financial advisers and wealth managers are becoming more aware that borro can offer some of their clients an alternative, fast and transparent lending channel.”

Intermediary customers use borro for many reasons with the most common including facilitating a business transaction or opportunity, and paying for surveys and other fees relating to property refinancing.