The age-old parlance “money talks, wealth whispers” applies more than ever before in today’s fragile economic state. Surely, people who are privileged enough to have true wealth don’t need to flaunt it, but they do need to protect it.
Luxury assets like fine art, classic cars, jewelry and antiques are always good investments in the long run, as sometimes, in life, necessities arise and misfortune can happen to the best of us. Borro is an online, secured lender dedicated to providing expedited loans held against personal valuables to meet the borrower’s requirements.
With roots firmly planted in the UK, Borro was launched in 2008 to great success, and by 2012 it had opened up offices in New York City. In the last decade, they have written over $407M of funded loans, experiencing exponential growth. RewardExpert was able to speak with Shelley Sullivan, VP of Business Relationships at Borro, about how the fintech has given banks and auction houses a run for their money.
Lending Against Luxury
Nowadays, due to economic uncertainties, there has been an increasing demand for acquiring means in a more accelerated fashion—those fiscal needs are swiftly met with Borro’s consummate loan services. Moreover, a desire to liquidate belongings has steadily waned, and most people don’t have the time or inclination for trifling with banks to necessitate a reciprocal exchange. “The need for lending against luxury is becoming more and more of a recognized method of raising capital quickly,” stated Sullivan. “Our client’s needs may differ in a weak economy versus a strong economy, but fundamentally specialized finance firms, such as Borro, exist in that space not quite covered by private banks (too slow) or auction houses (you have to sell). That ‘need’ isn’t going away.”
Borro has the capability of closing a loan in 7 to 10 days with utter discretion, speed and the foremost professionalism. They also have numerous other advantages over working with traditional institutions: no meddlesome credit checks and the wherewithal to lend between $20K and $5M against unique classes of effects, such as classic cars and fine art, as well as jewelry and watches.
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