Borro enters regulated bridging market after FCA approval

Borro enters regulated bridging market after FCA approval




Borro has announced it has received permission from the Financial Conduct Authority (FCA) to offer regulated bridging and consumer buy-to-let loans.

The secured lender will begin offering the products from Monday 3rd October 2016 alongside its existing bridging and luxury asset offerings. 

Borro has predicted that regulated lending will make up 20% of the £75m in property loans it has planned for the next year. 

The lender launched into the property market in August 2015 and Paul Aitken, CEO and founder of Borro, told Bridging & Commercial that offering FCA-regulated loans enhanced their offering further as well as cementing its place in the property lending market.

"All of our products are client and partner driven.  

“It became apparent very soon after we launched unregulated bridging that there was demand for regulated bridging and consumer buy-to-let. 

“We have responded as quickly as we could in going through the FCA process."

Since 2011, Borro has originated over £200m in lending with an average loan size of £1m for residential property. 

Borro has recently become a full member the Association of Short Term Lenders, and earlier this year it appointed Maria Magnussen as its senior business development director. 

 

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