Editor’s Note: I found this business model to be unique and like nothing I’ve seen out there before; check it out and provide your thoughts!
This article was written by By Paul Aitken, Founder, borro.com.
The continued shortage of funding in the U.S. market combined with lengthy application processes are leaving small business owners with the stark reality that accessing cash quickly and effectively is a difficult, if not seemingly impossible task.
Traditional lenders often make short-term financing very challenging, which is a serious problem for more than 2.5 million small business owners and sole proprietorships in the greater New York metropolitan area, and many millions more across the country.
As an entrepreneur, I’ve experienced the challenges of building a small business, and I understand firsthand how business owners might not qualify for traditional lending, for the right or many times, the wrong reasons. That’s why I founded borro in 2008. Today, borro is a leader in personal asset lender, and recently opened our U.S. headquarters in New York City. Our approach is a little different. borro provides loans of up to $1,000,000 secured with high-value personal assets such as luxury cars, gold, jewelry, high-end watches, fine art, antiques and fine wine.
borro prides itself on very fast turnaround, and getting your money when you need it most. The majority of our business is online; we don’t have a retail presence, which allows us to provide the best deal. We also employ expert appraisers to ensure we can lend the maximum amount against an asset.
Today, business owners use borro for a variety of reasons: to help manage their cash flow, to refinance, to take advantage of business opportunities, purchase stock, pay tax bills and a number of other purposes.
In less than six weeks in the U.S. market, we’ve already lent more than $1 million, and that amount is rapidly increasing. One of the reasons we’ve been so successful is that we’re very flexible and extremely transparent. And, of course, we can respond very quickly. We don’t have restrictions on our loans and we don’t do credit checks, so we can usually provide a business owner with their funding much faster than traditional lenders.
We make it easy for small business owners or high net worth individuals to work with us. Small business owners and individuals use borro for a variety of reasons, but the key benefits of personal asset lending are:
- You get your money within 24 hours
- Loans are secured based on the value of your personal assets, not on a credit check
- There are no extra charges if the loan is paid back ahead of schedule
Since opening our U.S. operations, we’ve provided loans against some interesting high value personal assets including, $140,000 against a Rolls Royce, $100,000 on a piece of fine art, $96,000 against a luxury watch collection, and $58,000 against two 1kg investment gold bars, to name a few.
All assets are stored in secure and insured vaults or specialty premises, provided for by borro. A transaction with borro is transparent, with all rates and processes made clear from the outset. There is no risk to your credit history and loans can be redeemed at any time without penalty.
For more information on borro, please visit www.borro.com, or call our New York valuation center at 1-800-953-6594 to arrange an appointment.