The leading luxury asset lender, Borro, announced it has reached a landmark lending milestone of £100 million in funded loans to individuals and small businesses, after it increased its minimum loan value to £3,000.
Borro has announced that its lending has achieved 90 per cent growth in each of the last four years. The lender also decided to discontinue loans less than £3,000 after it spotted a year on year increase in average loan values from £7,000 from £15,000.
The firm also stated that it has continued to see a huge demand for its services from the self-employed and SMEs who currently represent 65 per cent of its loan book.
Borro‘s ‘sale advance’ offering is also driving growth for the business, representing £5 million a year currently, it has been projected to grow to £20 million in 2015. The service enables clients to sell their assets.
Commenting on the recent success, Paul Aitken, Founder and CEO of Borro, said: “It is a huge achievement for us at Borro to have lent £100 million.
“In an economic climate where loans from traditional sources remain few and far between, it is no surprise that we have achieved this landmark level of funded loans as people have had to turn their backs on the banks and seek solutions elsewhere.
“The last 15 months in particular have been especially exciting for the business, as we lent £50 million. It took us five years to lend our first £50 million and this just shows how well-received our offering has been. We look forward to further developments across our offering.”
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