Borro sees increase in property-based applications

Published on

Paul Aitken, CEO of borro

Borro has reported a 183% rise in property related loan applications from customers from 2011 to 2012.

The average loan value against all property related loans currently standing at £19,500.

The top three property related reasons for coming to borro are:

  • Funding property development and redecoration e.g. building an extension or conservatory
  • Covering the costs of owning a rental / second property while unoccupied or before a sale
  • Bridging purposes

“With property related applications continuing to increase, it is clear people are still finding it hard to secure loans from traditional sources of finance,” said Paul Aitken (pictured), CEO of borro.

“Others may be finding the stagnant property market continues to work against them. Our clients are turning to their existing assets as collateral for loans; in the past a borro customer secured a £50,000 loan against a Henry Moore sculpture in order to complete a property deal, and another customer took out a £40,000 loan against a pair of Cartier earrings, to start their own business buying and selling property.

“Brits are realising that they have collected an array of valuable personal assets they can use to raise funds without lengthy bank processes. The vast majority of our customers redeem their assets demonstrating the risk free and efficient service we provide.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

U.S. Market: lower rates are needed to help unlock the market

When Donald Trump was reelected and took office at the start of this year,...

REalyse reports 30% month-on-month growth as brokers and agents tap into AI tools

Proptech platform REalyse has reported a 30% month-on-month increase in agent sign-ups to its...

Cooling rental market signals shift in tenant behaviour as first-time buyers return

Tenant demand across Great Britain has dropped sharply, marking a significant turning point in...

Mortgage advice in jeopardy as FCA reopens the door to execution-only

Execution only and FCA’s consultation has been playing on my mind. Having navigated decades...

Sellers cut prices as property market enters price-sensitive summer phase

Home sellers have reduced asking prices this month, signalling a shift in strategy as...

Latest opinions

U.S. Market: lower rates are needed to help unlock the market

When Donald Trump was reelected and took office at the start of this year,...

Mortgage advice in jeopardy as FCA reopens the door to execution-only

Execution only and FCA’s consultation has been playing on my mind. Having navigated decades...

A home shouldn’t be out of reach for those who keep the UK running

In a housing market that has grown steadily more selective, it is often those...

Richard Pike: A conference of positivity – Global ABS Day three

It’s time for reflection of the last three days here in Barca. To readers,...

Other news

U.S. Market: lower rates are needed to help unlock the market

When Donald Trump was reelected and took office at the start of this year,...

Cooling rental market signals shift in tenant behaviour as first-time buyers return

Tenant demand across Great Britain has dropped sharply, marking a significant turning point in...

REalyse reports 30% month-on-month growth as brokers and agents tap into AI tools

Proptech platform REalyse has reported a 30% month-on-month increase in agent sign-ups to its...