Luxury Asset
Term Loans

Allows high net worth individuals to use
their luxury assets to borrow a minimum of
£100,000 over a longer term.

 

  •   FLEXIBILITY OF LONGER TERMS

    We offer loan terms of 18 months to 36 months for individuals securing loans starting at £100,000. You must meet the High Net Worth requirements in order to qualify*.

      QUICK AND ACCURATE LOAN OFFER ESTIMATES

    We have an in-house valuations team along with an international network of 300 qualified appraisers, auction house specialists and experienced dealers so that we can provide you with accurate estimates in a timely manner.

      RECEIVE FUNDING FAST

    Loan proceeds can be deposited to your account within minutes after you accept your loan offer. No time is wasted getting you the funds you need.

      NO CREDIT CHECKS

    Borro does not perform credit checks on you and we do not report any information to credit agencies since your loan is secured against your luxury asset.

      SAFE AND SECURE

    Your luxury assets are always secure and protected with Borro. Borro insures all shipments and Borro stores your luxury assets in its highly secure climate controlled vaults.

    *An individual is High Net Worth if they received during the previous financial year net income totaling an amount of not less than £150,000 and/or had throughout that year net assets with a total; value of not less than £500,000.

  • HIGH NET WORTH REQUIREMENTS

    Clients interested in the Term Loan must meet the requirements of High Net Worth as defined by the Financial Conduct Authority.

    An individual is of high net worth if he/she:

    a) Received during the previous financial year net income totaling an amount of not less than £150,000

    and/or:

    b) Had throughout that year net assets with a total value of not less than £500,000

    The client must have a written declaration from an independent financial professional confirming that they've met the above requirements.

    ELIGIBLE ASSETS

    Term Loans can be secured using luxury assets (fine art, antiques, jewellery, watches, gold and precious metals, classic cars and more) that meet the minimum loan value of £100,000. Modern cars with a depreciating value are not eligible for a Term Loan.

  • FIXED RATES AND PAYMENTS

    A Term Loan consists of a monthly fixed rate of interest and an annual service charge, which means your monthly interest payment will never increase and your annual charges will be taken as a payment upfront. The interest rate varies depending on the luxury asset and the value of the loan. Interest rates are from 0.99% and interest is paid on a monthly basis.

    FLEXIBLE, LONGER LOAN TERMS

    A Term Loan is for 18 to 36 months and you can choose to set your term at 18, 24 or 36 months.

    LUXURY ASSET APPRAISAL AND LOGISTICS FEE

    A set-up fee for asset appraisal and logistics is applied only when you accept your loan offer. If you change your mind about the loan, no problem, your luxury assets will be securely shipped back to you free of charge and any fees paid will be reimbursed.

    ANNUAL SERVICE FEE AND PREPAYMENT PENALTIES

    The Annual Service fee is assessed based on the luxury asset and the term of the loan to cover features such as insurance and storage. It will be charged upfront. There is a penalty for early settlement of a Term Loan.

    PRINCIPAL REDUCTION

    There is no principal reduction during the loan term.

  • What kind of assets does Borro accept as collateral for a loan?

    Borro accepts the following types of luxury assets:

    •  

      Fine Art & Antiques

    •  

      Classic & Luxury Cars

    •  

      Jewellery & Diamonds

    •  

      Luxury Watches

    •  

      Gold & Precious Metals

    •  

      Luxury Handbags

    •  

      Fine Wine

    Borro has also provided loans on other types of assets ranging from memorabilia to musical instruments. Please be sure to also view our FAQ that lists which assets Borro does not accept.

    What kind of assets does Borro not accept?

    Borro does not accept:

    •  

      Electronics

    •  

      Stocks & Bonds

    •  

      Animals & Livestock

    •  

      Construction Equipment

    •  

      Firearms

    •  

      Assets that you have not fully paid off

    •  

      Assets that are not fully owned by you

    How much can I borrow?

    Borro offers Luxury Asset Term Loans from £100,000 to £5,000,000.

    Is there a maximum or minimum loan term?

    Luxury Asset Term Loans are offered for 12, 18, 24 or 36 months. You can always repay your loan early however there is a charge for doing so. Who will value my assets and determine how much I can borrow?

    Who will value my assets and determine how much I can borrow?

    Borro has an in-house team of valuers certified by organisations such as The Royal Institute of Chartered Surveyors, Gemmological Association of Great Britain, and the Gemological Institute of America.

    Our valuers maintain an international network of over 300 qualified appraisers, specialists, and dealers to ensure Borro reaches the most accurate market value possible.

    What exactly do you mean when you say that your loans are based on "market value"?

    "Market value" is the amount of money that you could expect to receive from selling your luxury asset(s) today. This is often different from the "retail value" that may be provided elsewhere.

    The "retail value" of a luxury asset is almost always a higher value than the current "market value" as "retail value" factors in the costs incurred in marketing, storing, and selling the asset to you.

    Luxury assets tend to depreciate compared with their retail value unless they are very rare.

    Can I extend my loan?

    Luxury Asset Term Loans cannot be extended ("renewed"). When your loan agreement ends you may have your asset valued and request a new loan based on the updated value.

    Can I change my mind?

    Up until your loan agreement is accepted you have complete flexibility.

    Accepted loan agreements may be cancelled up to 14 days after they are signed. Simply send us an email or call us. Fees incurred will be refunded in full. You only pay pro-rata interest (calculated daily) up until the day Borro receives notification.

    When will I receive my funds?

    Once the loan agreement is accepted we can deposit the loan funds immediately via bank transfer.

    How do I repay my loan?

    Borro accepts bank transfers, cash deposits, cheques and debit card payments. Some payment methods process faster than others so it is important that you understand the processing time required for the payment method that you choose to use.

    How will I get my assets to Borro for valuation?

    Borro can arrange for a courier to collect assets such as luxury watches and jewellery as well as smaller works of fine art and antiques. Alternatively you may book an appointment to meet our valuers at our offices.

    For larger works of fine art and antiques or luxury and classic cars we will arrange specialised transportation via one of our partners.

    For important pieces or assets in specialised storage we can arrange an on location visit by our valuers.

    What does an appointment at Borro's offices involve?

    When you visit us you will be greeted by your account manager and one of our valuers. Based on the valuer's assessment of your assets you will receive a loan offer.

    Your account manager will then set up your Borro account if you haven't done so already, explain your loan agreement and you can receive your loan funding the very same day via a bank transfer.

    You can book an appointment either by calling us at 0808 278 5547 or on our website. Borro recommends booking an appointment in advance of your arrival however you are welcome to visit our offices for a walk-in appointment if you are near one of our offices.

    Where will my assets be stored?

    All luxury assets are stored under highly-secure conditions with Borro's storage partners. Each partner offers specialised, state-of-the-art storage options so Borro can ensure assets are well taken care of until they are returned to you.

    How does a Luxury Asset Term Loan differ from a Luxury Asset Bridging Loan?

    A Luxury Asset Term Loan is a long-term financial product. A Luxury Asset Term Loan contract can provide a 12, 18, 24 or 36 month contract, provided the loan amount is greater than £100k. Luxury Asset Term Loans cannot be renewed.

    A Luxury Asset Bridging Loan is not a long-term financial product. A Bridging loan is written in a 6 month contract and you can request an extension ("renewal") if needed.

    How does a Luxury Asset Term Loan differ from a Luxury Asset Sale Advance Loan?

    A Luxury Asset Term Loan is where you use an asset as collateral in exchange for a loan without having to sell your asset. At the end of the loan period your assets are returned to you once you have paid the loan amount and accrued interest to Borro.

    A Luxury Asset Sale Advance Loan is when you provide your asset(s) to Borro so we can manage the sale of the asset(s) for you through our global network of auction houses. We extend a loan (advance) to you ahead of your asset(s) sale whether it be at auction or through a private sale.

    When can I redeem my loan?

    Your loan can be redeemed at any time, either online or with our Customer Accounts team. You may come to our offices to receive your assets or Borro can arrange to have them returned to you.

    Please call our Customer Accounts Team on 0808 278 5547 to arrange your redemption. Please be aware that all redemption appointments must be booked in advance.

    Can someone else come and collect my assets on my behalf?

    Please contact a member of our Customer Accounts Team at 0808 163 9537 to discuss this further.

    How will my assets be returned to me?

    Your assets are returned to your address in the same way they were brought to Borro for valuation after our Customer Accounts Team have confirmed the return details with you.

    Should you need to change your details or if you would like to pick up your assets yourself please contact our Customer Accounts Team at 0808 163 9537.

    Is it possible for my assets to be delivered to an alternate address?

    To offer the highest level of security for your assets Borro does not arrange delivery to any address other than the address listed on your account.

    If you have moved or changed your address since you took out your Borro loan you can update your address by providing a copy of an updated utility bill or bank statement of yours along with an email or letter explaining that you wish to update your mailing address. Your address will then be updated in our systems within 24 hours.

    If it is not convenient for your assets to be delivered to your residential address we can arrange an appointment for you to come and collect your assets from our offices.

    What can I do in my Borro account?

    Your Borro account lets you track your loan statements, make and manage payments, view assets we have previously valued, and apply for new loans.

    How do I log in to or create my Borro account?

    Simply visit the sign in page and you can log in or create a Borro account.

    How do I change my Borro account password?

    Simply visit the forgot password page and you can reset your Borro account password.

    What happens if I cannot repay my loan?

    If you cannot make payments on time or repay your loan in full please contact our Customer Accounts Team at 0808 163 9537 and we will work with you to find a solution.

    In the event that you do not repay your loan, the asset(s) that secure your loan may be sold by Borro in order to recover the outstanding loan balance as per the terms and conditions of your loan agreement. Any excess above what Borro is owed will be returned to you after a fee is deducted.

    The title of ownership for your luxury asset(s) may be transferred to Borro if you default on your loan agreement.

LUXURY ASSETS WE ACCEPT

  • Luxury watches

    Luxury Watches

  • Jewellery & Diamonds

    Jewellery & Diamonds

  • Fine Art & Antiques

    Fine Art & Antiques

  • Luxury Cars

    Luxury Cars

  • Gold & Precious Metal

    Gold & Precious Metal

  • Fine Wine

    Fine Wine

  • Luxury handbags

    Luxury Handbags

Speak to a specialist

0808 163 9537

Or get started online

  Add Another Asset

 

Application has no impact on your credit score

Borro honoured as a member of the 2014 FinTech50

Since 2008, Borro has provided
£108,604,000 in funding to our clients.

BORRO CLIENT TESTIMONIAL

The main benefit for me is the speed with which a loan can be agreed, as well as the flexibility. I can pay the loan back as quickly as I want and am not tied to a longer-term deal.”
— Francine L.

HOW IT WORKS

See How Borro
Can Work for You

Borro's process is easy and private. It is designed to get you the maximum value in the minimum time.

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