Commercial FinanceNews

Borro agrees loan in three hours against jewellery and watches

Borro has provided a client of Coreco with a loan of £23,800 secured against a collection of jewellery and watches.

The transaction was completed within three hours of the security being appraised.

Coreco’s London based client was in need of urgent funds to close an immediate property transaction.

Matthew Yassin, partner at Coreco, said: “I was amazed how simple it all was to arrange. I arrived with my client just after 12 and within an hour Borro had a contract ready and were preparing to transfer funds.

“Using luxury assets meant no complicated underwriting or legal process. Borro’s specialists simply valued the assets and my client was ready to go.”

Claire Barrington-Jones, director of sales at Borro, added: “Luxury assets are a great top up for existing facilities.

“For time sensitive transactions like property purchase, giving clients the option of funds in their account on the same day is an invaluable tool for brokers.”

Borro estimates that 10% to 20% of its luxury asset loans are used by clients for property transactions.

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