Exclusive interest rate for intermediaries launched

borro.com has unveiled a new product exclusively for the use of intermediaries with a transparent fee and charging structure starting at 2.49% per month.

Related topics:  Mortgages
Millie Dyson
4th March 2011
Mortgages
The company which has revolutionised the short term finance market by lending against assets such as jewellery, luxury cars, fine art and antiques, is launching the new product to complement normal property based bridging products and provide brokers with a proposition, closer to the makeup of products they are already used to.

Paul Brett, Business Development Director at borro said:

“Our intermediaries have liked the flexibility which our standard products give them but wanted to be able to market a facility with the same advantages in terms of asset class as security which is more directly related to traditional bridging products.

"The result is a revolutionary proposition offering significant speed advantages with loans able to be closed in 24hrs, and using security that is based not on property valuation but on other assets.”

“With our new rate, intermediaries have a bridging weapon which can really make the difference for clients who need a bridging top up loan, or who are not eligible for normal bridging, or also may not want to have a charge against their property but need to raise money quickly for tax bills, property redevelopment, school fees, cash flow for own business or probate demands.

"With pricing starting at 2.49% per month and procuration fees of 7.5% of the loan value, it offers a really strong alternative funding source for clients and a valuable income opportunity for intermediaries.”

Ian Balfour, CEO of Solent Mortgage Services, commented:

“It is refreshing to see some innovative thinking in the short term finance market. The new pricing and charging structure will be welcomed by our introducers along with the opportunity the new product affords to top up traditional bridging or as complementary source of funding.”

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