The deal was introduced via specialist intermediary, Niche Financial Solutions and was secured against a 19th century fine art collection, valued at £5m. Borro said the loan was for a large property deal.
Malcolm Scanlon, owner at Niche Solutions, said: “Our client required additional short term finance to bridge a shortfall in funding to purchase a property and Borro provided a flexible solution. The advantage of Borro was that there were no restrictions in place meaning the money was transferred a lot faster than traditional lenders. The client will pay the loan back when they receive the proceeds from another sale in the next four months.”
Paul Aitken, chief executive at Borro, added: “It is clear from the size of the loan which we have just made to Niche Financial Solutions’ client, that Borro’s service fills a growing need for larger loans, which is not being met by banks. Our ability to lend against personal assets provides intermediaries with a hugely effective facility that not only gives clients a way of securing deals which would be otherwise lost, but also offers an excellent new income stream for introducers.”
