Personal asset lender borro has seen a 122 per cent increase in funded loans for 2012, compared to the same period last year, as more and more clients seek to turn their assets back into cash without delay - and the average loan value for 2012 increased to £7,000 (up from £3,500 in 2011). In turn, the value of loans to SMEs (who make up the majority of borro's loan book) rose 41 per cent, from £17,000 to £24,000 since last year.
The largest surge in loan value borro has seen this year is a 244 per cent increase against vintage wine collections. As well as wine, borro has also seen a 22 per cent increase in the loan value of fine art over the same period.
Paul Aitken, CEO of borro, says:
"2012 was the year the nation turned to alternative forms of lending despite various initiatives designed to breathe life back into the lending market, particularly for SMEs. As a result, an increasing number of people recognise they have accumulated a wealth of personal assets that can temporarily be turned back into cash in the short-term, quickly and easily. For small business owners and SMEs this is especially important when needing to realise a business opportunity that would not have otherwise been possible.
"The continuing growing demand for our service just goes to show that alternative forms of financing are becoming more mainstream."
