The announcement comes just months after the firm secured FCA permissions for its luxury asset business, consumer buy-to-let lending, and permission to enter the regulated bridging market.
Borro expects to close further equity financing by the end of March.
- Borro completes £590,000 regulated loan in three days
- Borro launches panel of luxury asset lending partners
- Specialist lender granted FCA authorisation
Paul Aitken, founder of Borro, said: “We grew our business by 30% in 2016 while securing FCA permission for luxury asset, regulated bridging, and consumer buy-to-let lending.
“This financing allows us to strengthen our balance sheet to gain broader access to debt to fund our loans, and in turn allow us to continue to grow at the same rate or faster in 2017 and beyond.”
In September, Borro reported an operating profit of £1m for 2015.
Since 2011, the firm has originated over £230m in lending, with an average loan of £50,000 for luxury assets and £625,000 for residential property.
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