Recent research carried out by the personal asset lender reveals that UK households are sitting on over £1 trillion of valuables and other personal assets.
In light of this, the message from borro to brokers is ‘Don’t forget to ask about personal valuables in the initial fact-find’.
Claire Gates, managing director at borro, said that asking questions about non-financial assets doesn’t always come to mind.
“It is all about education,” she said. “The whole thrust of lending has traditionally been geared towards financial assets and the questions asked by intermediaries around them. This enables them to build a picture of their clients to help provide appropriate recommendations.
“However, if the adviser were to assess clients’ material personal assets during the first fact-find, they would also be able to deduce, from an informed position, whether personal asset lending would benefit a client from the start. Asking these initial questions, it also brings the facility to the client’s attention.
“We believe that many potential clients are missing out on a valuable resource because the client was unaware that personal asset lending was an option.”
Gates believes that “at a time when borrowing is either unforthcoming or involves more and more paperwork with restrictive criteria, borrowing against personal assets is a fast, simple means of raising money to maximise on a business opportunity or for general short-term cash flow reasons".
borro's Introducer programme allows IFAs, mortgage and commercial brokers, accountants, solicitors, lawyers, wealth managers and tax advisers to offer clients short-term loans from £1,000 to £1 million, secured against their personal assets.
