A Day in the Life of a Borro Expert – Ashley Lockwood

Ashley Lockwood

6:30     Early Start for £200k Art Enquiry

My day starts with a gym session at 6.30am. I train for an hour and get into the office around 8.30am. Coffee, then my day begins. Last night I received a call from a brokerage asking whether £200,000 could be raised against a collection of Contemporary artworks within two days, so we are already exchanging e-mails getting the ball rolling on that.

9:00     Strategising with Marketing

I check e-mails, answer urgent enquires and I have a quick catch up with our marketing team. We have a white label email going to a packager’s database this week so we need to finalise the copy. I find marketing through partners’ databases is a great way promote our services to brokers and intermediaries, so I wanted to sort this one out first thing.

Frieze Art Fair

10:30     Discussing Acquisition Financing in Mayfair

I have a 10.30 am in Mayfair. First stop is an Art Advisory at you guessed it, the Arts Club.  We arranged a meeting a couple of weeks ago to discuss helping their clients finance purchases during Frieze London.

11:20     Meeting with Brokerage About Art Enquiry

I head into Bond Street to meet the brokerage whose client requires funding. With a focus on HNW and non-dom clients, the firm’s clients often find themselves unable to get funding from traditional sources in the UK, and so rely on their investments in property and luxury assets to provide liquidity.  The collection consists of three contemporary pieces kept at their home just outside London, we arrange to meet the client that afternoon.

Fine Art

12:15     Beginning Art Loan Estimation

By 12:15 I was back at the office working with our Head of Sales, Claire, and Valuation Director, Sam, to arrange the fastest and simplest way to get an offer to the end client. The brokers had been able to provide good details on the collection, so while our Valuation department worked on estimating the loan we began initial conversations with the client.

13:00     Journey to Surrey for Client Meeting

On the train and on our way to Surrey by 1pm. We have had provenance through on the art from the client and our external expert in the field is awaiting photos from Borro to begin analysing the collection.

Property in surrey

14:00     In-Home Valuation

We arrive at the client’s home just after 2pm. Sam begins examining the works while the client and I discuss the process and answer any questions the client has. We always prefer being able to speak to the client face to face makes them feel more comfortable with our services.

16:00     Provisional Values Received

Back in London, our specialists had come back with provisional values. Based on the descriptions the client provided we could offer between £500,000 and £600,000. The range was based on the condition of the pieces in the collection. Personally seeing the collection and having the documentation on hand was key to the speed of valuation.

16:15     Making Logistical Plans

We liaise with the client, and arrange for logistics to collect the items the next day. Our specialists arrange for a third party expert to visit the pieces just before collection and triple check authenticity and to give the green light. At the same time, our logistics team were ensuring our storage providers were ready for arrival.

18:00     Finalising Lending Contracts

Our team prepares the clients application and ready lending contracts. The underwriting team have worked really well to get things ready so quickly. We worked a little later than usual to ensure was ready for collection tomorrow. By 6.45 I am out the office and having a well-earned shandy!

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