Borro Store Loans | www.borro.com
Borro was launched in the UK back in the summer of 2008. Their local office is situated in London, whilst in recent years they have expanded to the United States with offices in Los Angeles and New York. There are 3 products available through www.borro.com. The one of interest here is luxury asset bridging loans. Then there is luxury asset sale advance and property finance. This is primarily an online service, but you can complete in person at their office that would be the advised route. This posh pawnbroker is seeking such collateral as fine art and wine, jewellery, property, luxury cars, watches etc. They can lend up to £3 million per asset.
They usually pay up to 75% of what they consider to be the estimated market value, but depending on the product this could be as low as 30% (likely for certain items of jewellery). Interest is fixed monthly at 3.49% and the term is set at 6 months, but this is extendable to 12 months if all interest is cleared. Customers can settle up early for a saving that must be done by appointment. Moving forward you can either complete their online form, ring them or visit them. There is some conflicting information on how the goods are sent out. In one area it states that a fee is charge for the appraisal and logistics.
In another area it states that smaller assets can be sent for free with their insured courier. We know that there a few varied courier options, but it is not made clear if there are always appraisal fees or not. Perhaps these are applied to specialist goods that they must bring in their experts to value. The other product (sale advance) is differentiated through the goods being sold on via auction houses or private sellers. Here they are advancing up to 70% of the estimated selling price. There is a commission charge of 10% and 20% that sounds excessive, as well as monthly interest from 1% onwards (all are taken after sale).
The property finance section splits into property bridging, refurbishment and auction finance (where funding is vital to secure a property). Each heads £100,000 to £5 million, available within 10 days or less. There is a Borro login in place at www.borro.com. Support is available between Monday and Thursday (8.30am/6pm) and Friday (8.30am/4.30pm). If you wish to visit them then this can be done between Monday and Friday (9am/6pm) whilst Saturday is listed as by request only. Their office is located at Chancery House (WC2A 1QU). This company may be too niche for most, but they have a solid reputation and have earned Credit Today’s Alternative Lender of the Year award twice in 2011 and 2012.