Derek Kaplan 
Comments
May 18, 2018 
The age-old parlance “money talks, wealth whispers” applies more than ever before in today’s fragile economic state. Surely, people who are privileged enough to have true wealth don’t need to flaunt it, but they do need to protect it.
Luxury assets like fine art, classic cars, jewelry and antiques are always good investments in the long run, as sometimes, in life, necessities arise and misfortune can happen to the best of us. Borro is an online, secured lender dedicated to providing expedited loans held against personal valuables to meet the borrower’s requirements.
With roots firmly planted in the UK, Borro was launched in 2008 to great success, and by 2012 it had opened up offices in New York City. In the last decade, they have written over $407M of funded loans, experiencing exponential growth. RewardExpert was able to speak with Shelley Sullivan, VP of Business Relationships at Borro, about how the fintech has given banks and auction houses a run for their money.
Lending Against Luxury
Nowadays, due to economic uncertainties, there has been an increasing demand for acquiring means in a more accelerated fashion—those fiscal needs are swiftly met with Borro’s consummate loan services. Moreover, a desire to liquidate belongings has steadily waned, and most people don’t have the time or inclination for trifling with banks to necessitate a reciprocal exchange.
“The need for lending against luxury is becoming more and more of a recognized method of raising capital quickly,” stated Sullivan. “Our client’s needs may differ in a weak economy versus a strong economy, but fundamentally specialized finance firms, such as Borro, exist in that space not quite covered by private banks (too slow) or auction houses (you have to sell). That ‘need’ isn’t going away.”
Borro has the capability of closing a loan in 7 to 10 days with utter discretion, speed and the foremost professionalism. They also have numerous other advantages over working with traditional institutions: no meddlesome credit checks and the wherewithal to lend between $20K and $5M against unique classes of effects, such as classic cars and fine art, as well as jewelry and watches.
Retained Ownership
Setbacks crop up no matter how much we may plan for them. Borro can provide assistance in taking the next steps in managing unforeseen dilemmas. The company will arrange for the gathering of your belongings and store them in facilities utilized by museums and auction houses. Furthermore, they have hundreds of qualified evaluators on hand to offer accurate appraisals of memorabilia.
“For anyone dealing with an unexpected financial struggle, instead of liquidating their assets, working with Borro allows them to retain ownership of their assets while resolving their financial burden,” assured Sullivan. “Our sales team is very responsive and understanding in times of need, and will help guide the client through this potentially difficult time, smoothly.”
Gained Partnerships
Since 2014, Borro formed an alliance with Victory Park Capital (VPC) Advisors, a Chicago-based global alternative specialty lending firm that concentrates on middle market debt and equity investments. The partnership has proven to be advantageous for both parties, insofar as VPC expanded to take a majority stake in Borro in November of 2017.
“VPC are experts in alternative investments,” confirmed Sullivan. “The partnership has allowed Borro to grow over the last four years. At the end of last year, VPC became our majority shareholder, further entrenching our relationship. We believe VPC to be the ideal partner to continue making inroads into the specialized lending market.”
In addition to its executive coalitions, Borro assumes a vast partner program with many professions linked to wealth management like art dealers, attorneys, auctioneers, commercial lenders and private bankers, property experts, even sports and entertainment agencies. Through these unions, Borro can receive referrals for likely borrowers while providing its partner’s clients with capital to reserve lasting relations all around the board.
Sharing the Wealth
Borro’s rapid growth in asset-backed lending is attributed to its prompt, private and perceptive grasp of affluent markets across the globe. Fueled by a continuous stream of investor funding, the firm has big plans for the future.
“There are many new things in the works for Borro, but the most exciting that I am able to share is the expansion to new cities over this year,” relayed Sullivan. “While we are currently able to work across the United States, expanding our physical presence in top cities, such as Los Angeles and Miami, will only extend our excellent customer service and the reach of our partnerships.”
To find out more about Borro’s secured lending options for luxury assets, Borro.com visit and start raising capital through their sale advance, bridge and term loans today.