FR: What have been the biggest milestones for borro in the last year?
This year we passed the £50 million worth of personal asset loans landmark with over 50 per cent of our client base now being taken by micro businesses and SMEs. In a time of tighter lending restrictions from the high street banks we often turn loans around within 24 hours without credit checks. Earlier this month we launched our personalised local Concierge service where a fully insured member of our team will come to a client’s address and collect their assets for a 24 hour quote and loan turnaround.
This will give them confidence over speed and security as well as the convenience of a home/business collection. This month also saw the launch of borro’s sale service which allows us to buy clients’ assets, such as luxury watches, jewellery, and gold as a complementary alternative to our successful loan facility. For people who have already consigned items to auction, or who would like to use our expert team to source the best place to sell their assets, we can offer a sale advance loan against the asset until they are sold. In addition, we have a new senior leadership team and non-exec Chairman in the shape of Capital One Founder Nigel Morris.
FR: You recently revealed you are beginning to see business from a wider variety of introducers – how important is the relationship between borro and intermediaries?
Indeed, we have seen a marked rise in referrals from wine merchants and art dealers - year on year have seen a 40 per cent rise in sign-ups to our Introducer Programme.
The introducer relationship is incredibly important for us, as intermediaries can act as an extended marketing arm for the business. Many introducers are now asking clients about their personal asset portfolio when they are looking to raise finance as they are aware of our service. There are tens of thousands of potential introducers in the UK so effective communication is key..
FR: Why should intermediaries recommend personal asset lending to their clients over other forms of short-term finance?
The speed and efficiency of our service makes it a very attractive option if time is of the essence. Intermediaries also use us in conjunction with other forms of lending in order to reach a target capital amount. Our expert valuation team offer fair, accurate valuations and clients benefit from secure and appropriate storage for valuable items. It also means that traditional forms of security such as a client’s property need not be brought into the equation and that often gives the client greater peace of mind.
FR: What are your plans for the next 12 months?
The next twelve months will be an exciting time for borro with the launch of new offerings to ensure we offer a broader suite of great personal asset related products. The Concierge service, and sale service are just the first of these to roll out so watch this space. We also intend to refine and improve our offering to Intermediaries and are always keen to hear feedback. In addition, we will be ensuring our overall marketing message gets to the right people and that personal asset lending is considered as a mainstream finance option by more customers.
FR: If you weren’t in financial services, what would you be doing?
From my answers above you can tell it wouldn’t be stand -up comedy. I would either be working in a start-up environment somewhere or be running a ski chalet in the Alps.
