New York, NY -- (ReleaseWire) -- 02/21/2013 --Borro, the leading personal asset lender, today proudly announced the celebration of its one-year anniversary in the U.S. market. In only one year of U.S. business, borro has quickly become the leading personal asset lender of choice for small business owners, entrepreneurs and high-net worth individuals. To date, the company has already issued loans in excess of $10,000,000 against a broad range of high value assets.
Since launching in Manhattan in February 2012, small business owners and other customers have come to appreciate the speed and ease of borro’s unique online business model. There are no credit checks with borro and loans are secured against high value personal assets including luxury cars, jewelry, diamonds, luxury watches, fine wine, fine art and antiques to name a few. borro can provide loans of up to $1,000,000 and can deliver those loans to customers within 24 hours.
“The U.S. is a key market for us and it’s been great to see how quickly borro has become a trusted lender in this marketplace,” said Paul Aitken, CEO of borro. “A great validation of our business is the amount of repeat customers we’ve seen over the year. Right now we average about 85% repeat business with clients, which is a direct result of our ability to provide customers with quick and easy access to finance.”
The borro platform gives individuals and small business owners across the country the ability to leverage their high-value assets into quick cash. So far, the highest value loan issued by borro has been secured against a piece of fine 19th Century furniture, a loan in excess of $300,000.
Aitken continued, “We will look to further enhance our offering by exploring the possibility of opening offices in other major U.S. cities. This would enable us to expand our current level of service and increase our reach to more people who require the liquidity and speed of service that we provide.”
Earlier in the month, borro announced that Capital One Co-Founder Nigel Morris has joined the company as Chairman. Morris will support borro’s growth in both the U.S. and the U.K. and further its development as the leading online lending marketplace for luxury personal assets.
Those in need of short-term finance often require loans for 3 – 6 months meaning banks are not a viable option. In an economy where lending requirements continue to pose a challenge for many, borro fills a void left by traditional banks and lenders that require credit checks, and long loan approval processes. At borro, once a value is placed against an asset, customers receive their money within 24 hours and there are no early repayment fees.
Borro has the ability to process and issue loans quickly because it employees valuators from some of the finest auction houses in the word. This enables a quick turnaround and easy access to cash.
Over the course of the next year borro plans to expand their product offerings and services to further benefit those people struggling to access finance from traditional lenders.
About borro
Borro is a personal asset lender which offers small business owners, entrepreneurs and high-net worth individuals liquidity against luxury personal assets such as watches, jewelry, prestige and classic cars, fine art and antiques. Loan values are determined by expert appraisers with over 100 years of combined experience from the top auction houses. With borro there are no credit checks and money is received within 24 hours. The service can be completed online, or in-person and borro will lend $1,000 to $1,000,000 depending on the asset.
For more information contact:
Gibbs & Soell, 212-697-2600
Kyle Kuhnel: kkuhnel@gibbs-soell.com
Katie Timinsky: ktiminsky@gibbs-soell.com
Caroline Gennaro: cgennaro@gibbs-soell.com