Introducer: Rahul Shah, Head of Specialist Lending at MCIFA Property Finance.
Loan amount: £120,000
Asset: Contemporary British Artworks
Time to close: 4 Business Days
Why Borro?: Rahul called with a client looking for funds as part of a larger, complex property transaction. The individual needed extra lending to make a down payment on a property transaction in less than a week’s time. By the next day, Borro had liaised with the client, collected the works from the client’s home and begun the due diligence and valuation process.
For the deal to work in the time frame required, Borro leveraged two contemporary artworks, one of which had not been seen on the open market previously. With various moving parts, a complex structure and time of the essence, Borro raised £120,000 for the client with funds available four business days after the case was presented.
This case is a perfect example of the role Borro should play within the property market, using assets outside traditional portfolios to complete deals.