Personal Asset Lending with borro
- Money in 24 hours
- Approval in principle (AIP) in minutes
- Borrow from £1,000 to £1 million
- No credit or income checks
- No redemption fees
- Excellent commissions up to 3.99%
- Use your existing Promise login
Promise has facilitated a relationship for it’s introducers with borro, the country’s
leading personal asset lender. borro provide short terms loans from £1,000-£1m secured
against people’s valuable assets including fine art, prestige cars, luxury watches, jewellery,
gold and other high value items. borro provide Financial and Mortgage Advisors with an
excellent way to solve the short term financial needs of their clients.
General Criteria
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Loan
|
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Minimum Term
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1 month
|
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Maximum Term
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12 months
|
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Minimum Loan
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£1,000
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Maximum Loan
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£1,000,000
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Loan to Value ratios (LTV)
Interest Rates and Commissions
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Loan Value
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Click Interest Rates (per month)
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Commission
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£100,000+
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2.49%
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2.49%
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£20,000 - £99,999
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2.99%
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2.99%
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£1,000 - £19,999
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3.99%
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3.99%
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Fees
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Fees
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Facility Fee
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2.5% of the loan
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Storage Fee
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Application to certain asset types*
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Exit Fee
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None
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Note: Commissions will be paid within 1 month of completion.
Brokers will not normally receive a commission from borro where borro already
has an existing independent relationship with a client.
How it works
If your client has a suitable asset, talk to borro and they could arrange a
loan for your client in three easy steps:
1. Complete the “borro quick referral form” on this page. borro’s account managers will speak
directly with your client and arrange for the items to be valued. Depending on the type of asset,
this could mean a home visit or more likely transportation by same day/next day courier, or a personal
appointment at their central London valuation centre.
2. Once borro has received the asset, their expert in-house valuation team will provide a free
valuation based on the open market value of the asset and confirm how much borro would be willing to
lend your client.
3. borro will then make a formal offer to your client, once accepted the payment to your client will
be processed immediately. If your client changes their mind, borro will return your clients valuables
back within 2 days, free and insured.
borro covers the cost for all shipping and your clients assets are
fully insured from the moment they leave your clients hands, right up until they receive them back when
the loan is repaid. Borro will take possession of all items offered as security for the duration of the
loan.
Identifying qualifying items
Once a potential customer has been identified, it is important to check whether
they have items suitable to secure a loan against. Items borro.com can loan against: to secure a loan against. Items borro.com can loan against:
What happens if your clients is unable to pay back the loan?
If this happens, borro will manage the re-sale and settle the
loan on your clients behalf. All assets are sold through the
major auction houses, and any surplus from the sale, after recovery
costs, will be returned to your client.
Case Tracking
Promise will maintain our
Case tracking service on a weekly basis – unfortunately
updates will only be available via our case tracking service and not via telephone.
For more details
Call 01902 585052