Borro has offered to pay for valuations if the surveyor does not inspect the property within two business days from signing Heads of Terms….
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div>Borro has offered to pay for valuations if the surveyor does not inspect the property within two business days from signing Heads of Terms.
It is just one of a number of initiatives which the lender has introduced since launching into the short term property loans market.
Paul Aitken, CEO and Founder of Borro, said it would be offering loans mainly in the £500,000 to £2m range as he believed that was an area the lender could make a difference.
“We are used to turning around loans very quickly with our core side of the business in asset lending where we have funded million pound deals secured by Fine Art, Antiques, Classic Cars and other luxury assets within three days,” said Paul.
“Not only are we geared for speed we aim to make to process as smooth as possible for the client, the broker and the packager.”
Paul added that Borro had been dealing with the bridging and commercial market for a long time with its core business, and many loans issued were related to property transactions.
“The reality is that every piece of fine art or classic car has a nice home and as a result we have often been involved with property transactions.
“Now we can provide the full solution,” added Paul.
“It’s all about when the client wants money and how quickly you react and we can react quickly and provide finance when it really matters and do it simply and conveniently.”
Paul added that the launch had been positively received by brokers including Brightstar CEO and AOBP Chairman Rob Jupp.
"It's a genuine delight to see Borro join the bridging market with their USP of speed at the heart of their proposition,” said Rob.
“I especially like the free valuation if the valuer isn't done within 48 hours of being paid.
“Trailblazing incentives like this will be sure to win them market share.”
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