Borro pulls out of property bridging market
By Tom BelgerBorro has announced it is withdrawing from the property bridging loan market as it appoints its new CEO
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The lender has revealed it is withdrawing from the UK property bridging loan market following a full strategic review in order to focus on its core luxury asset finance activities.
Borro has also announced that former-Syscap executive chairman John Allbrook has joined the lender as executive chairman and CEO.
During his role at Syscap, John was instrumental in developing and implementing a successful growth strategy which saw a doubling of new business culminating in an acquisition by the Wesleyan Assurance Society in 2015.
John replaces Paul Aitken who left last month.
“Borro has carved out a unique space in the financial services market and I am confident about future growth,” said John.
“However, the property bridging market has become particularly crowded and this coupled with decreasing property values makes this a pragmatic decision to have reached.”
“There is a substantial opportunity to grow our luxury asset finance business both in the UK and internationally.
“Making this our primary focus will help the business to realise its true potential."
Keywords: Borro, Paul Aitken, property bridging, luxury asset finance, bridging lenders, bridging marker, John Allbrock, property finance, asset finance,