Borro has upgraded its associate membership to become a full member of the Association of Short Term Lenders (ASTL).

This takes the ASTL’s membership to 36 members and 25 associate members.

The personal asset lender first joined the ASTL as an associate member in 2012 and, due to its recent entry into the short term residential property loan market, has upgraded to become a full member.

The online platform for secured loans offers high net worth individuals access to non-recourse loans and provides finance for a broad range of assets including property, fine art, antiques and other valuables.

Since its inception in January 2011, Borro has funded loans worth more than £170 million, and over 75% of the loans are completed within 24 hours from valuation.

Paul Aitken, founder and CEO of Borro, said: “We are continuing to establish our growing reputation in the bridging market and, since adding property lending to our product suite, we have upgraded to full member status of the ASTL, highlighting our commitment to offering high service levels for lending on property and luxury assets.

“Our own principles and standards are aligned with the ASTL’s, and our ongoing relationship with the thriving trade body allows us to be part of a shared industry voice, helping to improve standards in the market and shape change for the good of the whole of the bridging industry.”

Benson Hersch, chief executive of the ASTL, said: “I am sure that the award-winning lender will continue to make a valuable contribution to the ASTL. Achieving full member status demonstrates Borro’s professional achievement as well as its market knowledge and experience.

“The ASTL continues to strengthen its ever-growing commitment to the industry by best serving clients by adding value to members and associate members while also raising standards in the bridging sector.”