Borro has launched a consignment loans service.
A consignment loan will allow borrowers to raise capital whilst waiting for the transaction to take place.
The service will see borro lend up to £1,000,000, at a loan to value of up to 70% of the estimated sale price of the asset, with borro also managing the sale of the asset.
Borro provides consignment loans for high-value assets including fine art, antiques, prestige and classic cars, diamond jewellery, luxury watches and fine wine.
“We have seen a great deal of demand from our existing clients for this type of loan so we are happy to be able to launch the service to meet their needs,” said Paul Aitken (pictured), CEO of borro.com.
“We are always looking for ways to improve and expand the range of services we offer our clients, and expect consignment loans to be popular going forward.
“There is still a great deal of economic uncertainty at the moment in the UK. Household budgets continue to be squeezed and small businesses are struggling for finance. We know there is demand from consumers to be able to quickly access finance and as this demand is not being met by banks and other traditional lenders, consumers may consider selling assets as an alternative. However, selling high-value assets for the right price may take several months for the appropriate auction or until a buyer comes along.”
Aitken added: “With a consignment loan from borro consumers get immediate access to finance, allowing them to invest in and maximise other opportunities. This also allows them to leverage borro’s expertise at managing the sale.”
