Lender unveils consignment loans product

Lender unveils consignment loans product


Consignment loans and a unique valuation service are two new services which have just been added to alternative asset finance lender borro’s product portfolio. 

With a successful offering in America, and an established long-term business in the UK, the lender has now further developed its portfolio to meet client demand.

borro’s CEO Paul Aitken explained: “Consignment loans are specifically designed for clients looking to sell personal assets at auction or through private treaty. We understand that waiting for the appropriate auction or buyer can involve a lengthy delay in gaining liquidity through the sale. 

“With a consignment loan from borro, a client can release up to 70 per cent of the estimated sale price of their assets while we manage the sale of the assets for them.”

Describing the valuation service, he added: “We also understand the needs of the discerning client and, with that in mind, have developed our unique valuation service whereby our valuers will appraise selected assets in the convenience of a client’s residence or a location of their choice. Upon completion, an open market valuation report is provided both in bound form and electronically.”

The majority of borro’s brokers’ clients and over 60 per cent of its client base are SME owners. 24 per cent of the company’s active UK loan book is art-based, although also included in the top types of assets that this client-base secure loans against are fine wine and watches. 

Paul added: “Following many conversations with introducers, we felt that the consignment and valuation products would benefit. It was clear from them that there was demand for a service which would serve clients looking to sell their assets. Our product offering has developed in such a way that we can facilitate the transaction with the customer but still allow them to release equity in advance of the sale.

“If a broker’s client has a suitable asset, they can either give a Business Development Manager a call on 0800 014 8618, or speak to one of our Account Managers to discuss. Alternatively, brokers can sign up as an introducer on our newly updated website to submit a client’s case online. All we require is a full description of the client’s asset(s) and the loan amount required by the client.”


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