Ahead of the celebrated Ivor Novello awards, Borro, the UK’s leading personal asset lender, reveals an emerging trend of individuals and business owners using rare and valuable musical instruments and memorabilia as collateral for loans. One such asset, fittingly, was an Ivor Novello bronze statuette, for contributions to British song writing and composition. Unable to disclose who the award belonged to; Borro can reveal the sculpture achieved a loan value of £4,000 for the client.
Borro often sees customers who have built up a wealth of assets including musical instruments as investment pieces, turning to these unusual assets to access liquidity. The personal asset lender has seen a range of interesting instruments come into its vaults; these predominantly include guitars and for those fanatics out there, Since launch Borro has done 75 individual loans and lent a total value of nearly £400,000 against this type of instrument (for example a Gibson Les Paul Guitar that achieved a loan value of £50,000).
In total, Borro has lent over £200,000 against music memorabilia in the last 12 months and £600,000 since launch – seeing a 31% increase in volume, year on year, of this type of loan. Other interesting assets of this type include a Beatles record contract, a leather jacket belonging to an (unnamed) rap star, The Clash and The Who original photographs, and original artwork for an album cover.
Paul Aitken, CEO and founder of Borro, commented: “We have clients realising that investments they have made in rare and prized musical instruments and memorabilia can be used to release capital. We see clients looking for savvy ways of raising money to realise business opportunities, or to pay for unexpected financial situations. Unlocking the value of unique personal assets provides a solution that doesn’t involve permanently parting with valuable assets – that may also be family heirlooms with a great deal of sentimentality attached.”
Read the full article at CCR Magazine