Borro has provided a client of London mortgage broker Coreco with a loan of £23,800 secured against a collection of jewellery and watches.
The transaction was completed with cleared funds within three hours of the security being appraised.
Coreco’s London based client was in need of urgent funds to close an immediate property transaction. Matthew Yassin, a partner at Coreco booked an appointment at Borro’s London office in Chancery Lane.
He said: “I was amazed how simple it all was to arrange. I arrived with my client just after 12 and within an hour Borro had a contract ready and were preparing to transfer funds.
“I had heard how fast Borro could respond, but this was staggeringly quick. Using luxury assets meant no complicated underwriting or legal process. Borro’s specialists simply valued the assets and my client was ready to go. It was honestly one the easiest ways I have ever helped a client borrow.”
Claire Barrington-Jones, director of sales at Borro, said that Borro estimates that 10% to 20% of its luxury asset loans are used by clients for property transactions.
She said: “Luxury assets are a great top up for existing facilities. For time sensitive transactions like property purchase, giving clients the option of funds in their account on the same day is an invaluable tool for brokers.”
