The Promise Solutions deal is the latest in a series of partnerships Borro.com has signed with mortgage brokers looking to offer their clients short term finance when other providers are unable to offer funds.
The arrangement offers 10,000 intermediaries currently registered with Promise Solutions, another source of short term funds, often available within 24 hours. Brokers can earn 7.5% of the loan amount.
Borro.co says the short term products are suitable for a wide range of circumstances including short term capital raising, short term cash-flow crisis, property improvement and buying property at auction.
Steve Walker, managing director of Promise Solutions said: “The product range offered by Borro is an important addition for brokers looking to arrange short term finance for their clients. Not only can it be cheaper than bridging but there is no requirement to own bricks and mortar, there are no income or credit checks.”
Short-term loans are available from £1000 to £1 million and can be secured against jewellery, watches, fast cars and any other assets of value.
Paul Aitken, company founder and CEO of Borro.com added: “We’ve chosen to work with Promise Solutions due to their position and strength in the market. Our partnership will offer an alternative solution for the customer and give brokers a new, valuable income stream.”
