LONDON, July 18, 2016 /PRNewswire/ --
Borro is pleased to announce that it has completed £200M in lending. Although the first £100M was lent over 5.5 years, the following £100M was lent in 1.5 years. The increased pace of lending has been driven by expanding product lines and continued distribution growth.
"This is a very exciting milestone," commented Paul Aitken, CEO and Founder, "it's a sign of our experience as a company. The business has reached a point where servicing a £5,000 loan is as simple as a £500,000 loan, and this has allowed us to expand very rapidly."
Research conducted by Equifax shows that Borro's clients are part of the most affluent 5% of the UK population. Since completing its first £100M in lending, Borro's average loan size has grown 350%, and the most common asset used by clients is now Fine Art. In 2016 Borro has also lent over £20M on property.
"Over the last year and a half our business has expanded dramatically," said Director of Sales, Claire Barrington-Jones, "new products like property lending have allowed us to reengage with partners and target a more affluent client base."
This is reflected in Borro's repeat rates: 60% of its clients borrow again.
"A client's first loan may be against their Rolex,' Claire Barrington-Jones continued, 'but after experiencing the level of service we offer, they will return with their art collection or property portfolio."
Combined strong client loyalty with increasing referrals from partners, Borro expects to complete an additional £50m of lending by year end.
SOURCE Borro
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