Applying the same successful model launched in the UK, borro will provide loans of up to $1,000,000 to the New York and Tri-state area secured against high-value personal assets such as luxury watches, fine art, antiques, and luxury automobiles.
Highly qualified valuers, formerly of Sotheby's, Bonham’s and Christie's will provide the customer with the most accurate valuation against their assets, in order to provide the best deal. All assets will be stored in secure and insured vaults or specialty premises.
The majority of borro’s UK customers are entrepreneurs and small business owners. According to the United States Census Bureau, there are 2.3m small business owners and sole proprietorships in the New York Metropolitan area.
In an already tight credit market, these customers are often looking for but may have trouble obtaining short-term financing. borro has already lent $100,000 in the first 10 days of its US soft launch, predominately to this market, with an average loan amount of $10,000.
Paul Aitken, CEO of borro, comments:
“Our experience in the UK over the past three years proves the need and value of the borro model. Our UK business has grown four-fold each year, and we have already seen a demand for our services in New York.”
“Our service is quick and discreet and a loan can be redeemed at any time without penalty. We employ expert valuers or appraisers so that we can safely lend the maximum amount against an asset. Our customer experience from beginning to end is exceptionally smooth and efficient.”
