Personal asset lender borro has revealed that 46% of its customer base is made up of repeat customers.
Of these repeat customers, 50% are small and medium sized business owners who continue to feel the impact of tighter lending conditions. On average, the value of repeat loans is 24% higher compared to a customers’ first loan.
Analysis shows that on average, a borro customer uses the service over three times, securing loans against a range of different assets to release capital, often enabling them to facilitate business transactions or to bridge a gap while waiting for outstanding payments.
Paul Aitken (pictured), CEO and founder of borro, said: “One of our regular customers has used our services six times for business reasons. He is a property developer and regularly raises capital against a luxury Rolex and a high value Omega in order to fund unexpected costs on projects, such as additional material costs or paying extra staff. He is able to use his assets like an overdraft facility, releasing extra funds as and when he needs to through a transparent platform.
“Another client needed a short term solution to fix a liquidity issue she had with her car storage business. She has come to us five times to date, using diamond jewellery and a luxury watch as collateral for loans, and benefits from receiving the funds into her account within the same day.”
Since launch in 2008, borro has issued more than £55 million of personal asset loans to individuals and business owners. Loans of up to £1,000,000 are offered against assets including fine art, antiques, prestige cars, luxury watches, diamond jewellery, gold, fine wine, and other high value assets.
