Leading Collateral Lender Borro Announces Key 2020 Accomplishments and Business Results
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DENVER--(BUSINESS WIRE)-- Borro™, the leading provider of confidential, non-bank loans that use borrowers’ luxury assets as collateral, today announced key accomplishments and business results of its first calendar year of operations following its acquisition and relaunch by Luxury Asset Capital in early 2020.
Luxury Asset Capital and Borro are broadening the clientele benefiting from collateralized financing. Their offerings target the middle and upper-income segments as even those with substantial incomes face situations where quickly and easily gaining access to capital can realize opportunities or resolve problems as they arise. The company’s $100 million line of credit enables it to provide immediate capital infusions to clients in amounts from several thousand to several million dollars.
Under Luxury Asset Capital ownership, Borro brought significant new value to the market with a broader range of luxury assets accepted as loan collateral, more flexible loan terms, and new products such as the company’s Luxury Line of Credit®. It expanded its physical presence beyond its Denver headquarters by opening a New York City office in Midtown Manhattan, providing luxury asset owners in the New York metropolitan area with a private, in-person service option.
In 2020, Borro introduced an inventory loan product targeting luxury goods traders and dealers, providing businesses with a convenient way to use their inventory as loan collateral to obtain loans or lines of credit as high as $5,000,000. It also re-entered the fine art collateral lending market, providing galleries and collectors with a liquidity alternative to selling and offering the lowest minimum loan size in the art lending industry - only $25,000.
Borro provided a wide range of individual and business clients with fast and convenient financing during a period of significant economic upheaval. Its total loan amount increased by nearly 20%, with average loan sizes growing by over 50%. Luxury watches, fine jewelry and diamonds, and designer handbags were the most prevalent luxury assets used for collateral, with fine art, auction quality antiques and collectibles, classic and luxury cars, and precious metals also being used by Borro clients to secure loans during 2020.
“We provide off-balance-sheet financing at critical moments in time, and 2020 presented major personal and business challenges that we helped our clients overcome,” said Dewey Burke, Founder and Chief Executive Officer of Luxury Asset Capital. “In many of these situations, traditional financing options became severely limited due to the economic uncertainty wrought by the pandemic. Borro’s lending approach is unaffected by those factors, which enabled us to provide capital when and where it was needed.”
Borro, a Luxury Asset Capital brand, is the leading provider of confidential, non-bank loans that use borrowers' luxury assets as collateral. Luxury Asset Capital and its brands have funded over $450,000,000 in loans for 15,000 clients since inception. We are a compelling alternative to selling luxury assets or traditional channels of financing that are often either too slow, invasive, and burdensome or, in some cases, unavailable. We unlock the equity in a wide range of luxury assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one business day. For more information, please visit borro.com. For more information about Luxury Asset Capital, Borro's parent company, please visit luxuryassetcapital.com.
Bill Fallon (973) 768-6764
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