Borro Private Finance
Borro Private Finance is an online secured lender pitched at only luxury clients. Formerly known as “Borro”, the UK-US based company offers secured loans against luxury assets. More than half of its loans are secured by such assets. The company is headquartered in London city and has offices in New York and Los Angeles. It operates in both the United Kingdom and the United States of America.
Aristocratic people often pawn something from their own collections, which has a high value attached to it, in order to meet an urgent need for cash. It is against such kinds of luxury item that the Borro Private Finance lends money.
Newly established loan companies thrived during the worldwide economic slump which occurred from 2008 to 2010. As banks were cutting bank on funds that were readily available to offer as loans to customers, it was perceived by some that more people would start to rely on luxury asset lenders as an alternative. In addition to personal finance, this trend has also risen in the business space, with some using Borro to facilitate an opportunity or transaction.
As of July 2018, the company has written more than 416,000,000 US dollars in lending and scored an average loan size of 70,000 dollars.