Borro has introduced a new marketing and commission package to its Preferred Partners Panel for all loans secured against luxury assets until 14 April.
Brokers who have signed up with Borro automatically qualify for the package which include step by step guides to help partners prospect for asset backed cases, an assigned Borro staff member, support for mailshots, website links for referrals and an enhanced commission of 5% of any completed loan amount.
Claire Barrington-Jones, director of sales at Borro, believes the marketing assistance will enable more partners to offer their clients an alternative source of funding.
She said: “Our new deal for partners will help them to spotlight clients who have a need for immediate funding with the minimum of paperwork and without the usual cumbersome and expensive need to engage solicitors and surveyors.
“Every broker should be aware of the opportunities for clients whose liquid resources are tied up but have assets which can be used to secure a loan from us. We are usually able to release funds within 24 hours of assessing the asset value. With up to 80% of wealthy clients having suitable assets, this is an untapped market for many brokers.”
Kit Thompson, director of bridging and development finance at Brightstar Financial, added: “My client needed to raise £40,000 very quickly. His collection of prints provided the security for an immediate loan from Borro, which could not have been funded in time anywhere else.
“In terms of the time it took to arrange and complete, this has to be the easiest broker fee I have ever earned.”
