Borro Closes Record Loan

In a press release, Borro reports on closing a £6,000,000 ($7.68 million) loan secured by a collection of important Post War and Contemporary works. I had the pleasure of having lunch with Borro U.S. rep Mark Bench at the ISA conference in Chicago earlier this month as well as being seated at his networking lunch table. Borro is providing a service for borrowers who need a reputable lender and may also have a sense of urgency. This loan, as well as Borro's business model shows the growing intersection of fine art and finance.

Borro reports

Borro, the global leader in fast, secured lending to wealthy clients has closed a £6,000,000 loan. The loan is the luxury asset lenders largest on record.

The company, which has offices in London, New York and LA, provides loans for a range of high value assets including property, fine art, jewellery, watches, fine wine, and classic cars.

The collection of blue-chip Post-War and Contemporary pieces by American artists was brought to Borro by a client looking to refinance an existing loan. Borro was able to offer the client additional funds and more flexible exit terms. The client was referred to Borro by a regular partner.

Borro’s clients are typically asset rich and liquidity poor with financing needs that include acquisition, point of sale financing, liquidity needs, and investment purposes where the opportunity is urgent. Borro estimates that 10 to 20 per cent of its luxury asset loans are used by clients for property transactions.

Commenting on the year ahead, Paul Aitken, CEO & Founder of Borro said, “I’m happy with the progress the business made in 2015 and 2016. Launching property lending, our turnaround in operating profit, and FCA Regulation across our UK products were all significant milestones for Borro.”

“Now we have started 2017 with our largest ever luxury asset loan on record, and delivered 30 per cent growth in Q1. I expect us to continue the year as we have begun.”

Source: AltFi