Absolutely not. And the range is vast, including:
Most kinds of jewelry, including rings, bracelets, necklaces and earrings containing gold, platinum, diamonds. If you have a tiara or a lorgnette or a chatelaine, we're good with that, too.
Precious gem stones – that means diamonds, emeralds, rubies and sapphires. Semi-precious stones, too.
Luxury watches – modern and vintage - including Rolex, Cartier, Breitling, Audemars Piguet and Tag Heuer.
All kinds of fine art, which includes paintings, photography, sculpture, lithography, and drawings. If Sotheby's and Christies sell it, we'll lend against it. And if they don't, we might lend against it anyway. Ask us.
Most types of antiques including furniture from the 18th century through the 20th century; pottery and porcelain; scientific instruments; stamps; arms and armor; and a broad range of collectibles and decorative arts.
Prestige and classic cars
Prestige and classic cars including Ferrari, Aston Martin, Range Rover, Bentley, and Tesla. Of course, we hold the car during the period of the loan so you will not be able to drive it, other than vicariously.
Fine wine collections
We lend against collections of fine wine, and we store your Rothschilds with respect, in cellars that are climate and humidity controlled.
Moon rock? Private jet? Negatives of 1920s movies? Unusual items aren't all that unusual for us. Let us know what you have and we'll see what we can arrange.
We lend up to $1,000,000. Our maximum loan-to-value is 70% of our estimate of the market value of your asset, and depending on the asset can be as low as 30%.
At borro we've "collected" some of the best appraisers in the world; they've come to us from places like Sotheby's, Christies and Phillips, as well as from museums and private collections. Their walls are filled with framed diplomas and certificates from the American Association of Appraisers, Gemological Institute of America, The Royal Institute of Chartered Surveyors, Gemological Association of Great Britain, The Goldsmiths' Company.
Because of their insight and knowledge, they are able to offer you the best possible loan value.
Not all costs are created equal. When you buy a piece of jewelry at Tiffany, or a car from BMW, you're paying the retail price. If you decide to sell the ring or the car today, you'll get the market value not the "replacement value." The difference is what's called "depreciation" – and it covers the mark-up the dealer, their rent and overhead, the nice latte they give you. The relationship between market value and the retail cost varies by item; in the case of jewelry, figure that anywhere from 30% to 60% of the retail price walks out the door with you.
We thought you'd want to know. Our interest rate varies between a flat rate of 2.99% and 3.99% per month. The difference is based on the asset and the value of the loan. The bigger the loan, typically, the lower the rate.
We also charge a set-up charge to cover our appraisal and other costs involved with originating your loan; It is applied when you accept the loan and range from 3% to 5%, depending on the value of the asset.
We also reward loyalty; three months after your first loan, you qualify for our repeat customer discount, which means the set-up fee is reduced to 2% - 4% for each subsequent loan.
Our loans are six months in duration, but we do 9 and 12 months if needed. Either way, you can always pay it early with no penalty. Once your payment has cleared, we'll safely ship your asset back (sometimes, depending on where it's stored, you can also pick it up yourself.) You only have to repay the loan amount plus the interest due at the time you redeem your loan.
Yes, you can apply for an extension to your loan. If we approve it, you will need to repay any unpaid interest that's due at the time of the extension as well as a set-up charge. We will then create a new agreement for the amount that you are borrowing.
Up until you sign for the loan you have total flexibility. Here's how it works. Once we have your asset in hand – whether it's shipped or you drop it off – we will appraise it and tell you how much we're willing to lend. We'll also provide you with the full details of the loan – terms, conditions, rates, you name it. Then it's up to you. If you agree to go ahead, you will be issued with a credit agreement which, once accepted, becomes binding.
Faster than you might think. Once we have the item, have valued it, and you approve the loan offer, we can provide your funds immediately – typically via a bank transfer.
We try to make it as convenient as possible for you to make your regular payments. So we accept Wire Transfer (Bank), Cash Deposit, Cheques and Debit card. Of course, some methods are faster than others at clearing our back than others, so you'll want to understand the timing of how you've opted to pay, to make sure your account is timely.
We probably shouldn't tell you this, but the answer is "no." Loans with borro are made and managed outside the credit agencies and their reports. What happens with borro stays with borro. If you don't pay us back – and we try to work with you to avoid this – is that we'll sell your asset for the best possible price. We'll take the total amount we recover, subtract the total of the amount you borrowed, plus any outstanding interests, and the costs associated with selling the item – for example, any auction fees – and return rest to you. We never make a profit on any items we sell, and we'd rather not have to do that.
It couldn't be simpler.
For watches, jewelry, gold, fine art and antiques, you can get your items safely and securely to us by using our free and insured courier options or meeting with one of our experts at our valuation center in New York, NY. For high-end assets, we have a team of expert appraisers who will meet you to appraise your item on location.
And your cars? We will arrange the collection of your vehicle by an unmarked transporter from a location of your choice.
Wine will be transported by a specialist wine handler to one of our wine storage partners.
Start by making an appointment to meet with one of our experts in our valuation center in Midtown Manhattan between 9am and 5pm, Monday-Friday.
You will be met by your account manager and a member of our valuation team. You will then receive an expert appraisal of your assets along with a quote for your borro loan.
If you choose to accept the loan offer and you complete identification checks, we will be able to wire you the money innediately.
It is always best to make an appointment in advance but you are welcome to drop by if you are passing by.
Watches, jewelry and gold are stored in our highly secure vaults or with one of our partners which include Citibank and Malca-Amit.
Cars are stored with one of our specialist partners which include Exotic Classics, Top Store and Sphere Motorsports.
Fine art and antiques are stored with Day & Meyer or one of our other partners which include CFASS, Cadogan Tate, The Fortress and Peak Fine Art, to name but a few.
For wine, our specialist wine storage partners include Winecare, Liquid Asset Storage and Domain Wine Storage.
It's a loan that is secured against a personal asset – or assets - in advance of a sale at auction or privately. Our sale advance loans can release up to 70% of the estimated sale price while we manage the sale of the assets. Once the transaction has been completed, you will receive the sale, less any outstanding interest and any sale transaction fees.
A sale advance loan is a process where you turn an item over to borro for us to manage its sale. We extend a loan to you in anticipation of the ultimate sale.
A personal asset loan is where you borrow against an asset, without selling it. It's a way to release equity. At the end of the loan period your assets are returned to you once the loan amount and accrued interest are settled.