LONDON, September 14, 2016 /PRNewswire/ --
Borro, the leading secured lender to wealthy clients, is pleased to announce it has received permission from the FCA to write regulated Bridging and Consumer Buy to Let loans. Regulated property loans will be offered from Monday October 3rd, alongside Borro's existing bridging and luxury asset products.
Paul Aitken, CEO, said "Our property clients are the same as the luxury asset ones, wealthy individuals who want fast access to credit. Offering FCA regulated loans enhances that offering further and it cements our long term commitment to the property lending market."
Overall, Borro expects regulated lending to make up 20% of the £75m in property loans it has planned for the next year. Since adding property the company has seen a 50% increase in luxury asset loan referrals from broker and packager channels. With the addition of regulated property loans, it expects this trend to continue.
Borro is a lender to affluent and high net worth clients. The company provides loans secured by a broad range of assets including property, fine art, jewellery, watches, fine wine, and classic cars. Since 2011, the business has originated over £200m in lending with average loan of £55k for luxury assets and £1m for residential property. Borro offers loans between £5k and £5m and is committed to making the process simple, flexible, and fast.