Asset financeNews

Borro offers brokers 5% commission

Borro is offering brokers 5% commission on loans secured against luxury assets until 14 April.

Brokers signed up with Borro also qualify for step by step guides on asset-backed cases, an assigned Borro staff member, support for mailshots and website links for referrals

Claire Barrington-Jones, director of sales at Borro, said: “Our new deal for partners will help them to spotlight clients who have a need for immediate funding with the minimum of paperwork and without the usual cumbersome and expensive need to engage solicitors and surveyors.

“Every broker should be aware of the opportunities for clients whose liquid resources are tied up but have assets which can be used to secure a loan from us.

“We are usually able to release funds within 24 hours of assessing the asset value. With up to 80% of wealthy clients having suitable assets, this is an untapped market for many brokers.”

Kit Thompson, director of bridging and development Finance at Brightstar Financial, said: “My client needed to raise £40,000 very quickly. His collection of prints provided the security for an immediate loan from Borro, which could not have been funded in time anywhere else.

“In terms of the time it took to arrange and complete, this has to be the easiest broker fee I have ever earned.”

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