EXCLUSIVE: Borro withdraws from asset-based lending
Borro has halted its asset-based lending, Mortgage Introducer understands.
Client applications started with Borro in the UK have been stopped.
Borro withdrew from the bridging loan market in July 2017.
Ben Shaw, chief executive at HNW Lending, a peer to peer asset-based lender, said: “The withdrawal of Borro from the market has caused inconvenience for customers who were in the middle of an application and we have already helped some borrowers who were let down at the last minute.
“However, it is worth noting that the asset-based lending market remains buoyant and there is still plenty of opportunity for individuals
who are looking for a fast and flexible way to raise funding against their existing assets.
“At HNW Lending, for example, we are still very much open for business and ready to lend.”
When contacted Borro said it was evaluating the market and wouldn’t comment further.