Borro smashes Q1 targets

Figures for leading personal asset lender Borro have shown a 241 per cent year-on-year increase in loan value

 

Figures for leading personal asset lender Borro have shown a 241 per cent year-on-year increase in loan value. 

The lender’s quarter one statistics have revealed a major annual increase in loan value written through its partnership channel. 

Claire Gates, Managing Director for the UK business at Borro, stated: “In Q1 2014, funded loan value written through the partnership channel increased 241 per cent year-on-year, we recently raised a further £67 million [approximately] of debt to lend and with the current state of activity within the market place, this strong performance will only continue.

“We've placed significant importance on the various verticals within our partnership base, providing dedicated marketing materials and budget as well as allocating more resources in sales and business development to provide more support to our partners.”

Borro also announced it exceeded its yearly targets in 2013, seeing an 83 per cent growth to its loan book. In the same period, the lender wrote over £68 million in loans. 

The total amount written is said to rest at £70 million.

The London-based lender spent most of 2013 reshaping the partnership channel and repositioning the brand, which has paid off after seeing revenue climb by 80 per cent to £17 million from April 2013 to April 2014. 

Borro’s solid start to the year can be attributed to three factors: its substantial £67 million funding facility gained March, the successful launch of its London Tube campaign and its TV advertising campaign put in place last year.

Looking towards the rest of 2014, Borro aims to expand the spread of its regional offices in the US.
 
 

Keywords: Borro, asset, lender, targets, Q1, Claire Gates, loan book, 83%, growth, lending, £68m, MD

Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/borro-smashes-q1-targets