Non-dom client profits from £2.2m Borro loan

In January, the lender extended a 74% LTV based on a valuation of £2.9m for a new-build property just off Victoria Street, Westminster.

The loan was redeemed by the client last week after selling the property a month earlier than planned for £2.8m.

Claire Barrington-Jones, director of sales at Borro, said: “This property was a luxury investment just like a work of art or a classic car.

“Despite the uncertainty of the last month, the client was able to turn a profit.

“It is an encouraging sign that the property sold for just 3% less than the valuation placed on it seven months ago.”

Borro said it has seen only moderate declines in demand for property loans following the EU referendum.

Meanwhile, demand for luxury asset loans has significantly increased.

“Specific parts of the property market, such as the top end of London, may shift in the coming months,” Claire added.

“That said, we expect property lending below £1M to be as strong in Q3 as Q2.

“We expect a major step up in luxury asset lending.”

Earlier this month Borro became a full member of the Association of Short Term Lenders.