The business expects this to rise by around 40% in the next twelve months.
Analysis of this data has found that the main property related reasons for consumers coming to borro are:
- Funding property developments and redecoration e.g. building an extension or conservatory
- Covering the costs of owning a rental/second property while unoccupied/before sale
- Bridging purposes
Paul Aitken comments:
“The rise in property related applications in the last year suggests that some people out there are finding it hard to secure loans in this area from traditional sources of finance such as the banks. Others may be finding that the slow property market is working against them.
"They need a solution over a short period and many are turning to their existing assets to help with that. For example one of our customers borrowed £6,000 against valuable jewellery and a watch collection to cover the costs of a property that she was struggling to sell after development. Another took out a £21,000 loan against a boat for work on a listed building.
“Many people are realising that they have collected an array of valuable personal assets that they can use to raise funds without lengthy bank processes or putting property up as a guarantee. The vast majority of our customers redeem their assets demonstrating the risk free and efficient service we provide.”
