WE HAVE ANSWERS FOR ALL YOUR QUESTIONS
Are my assets safe with Borro?
Caring for and keeping the asset(s) you are using as loan collateral safe is our paramount concern. Your assets are fully insured from when they leave your possession until they are returned to you after your loan is repaid, and stored in highly secure vaults with 24-hour surveillance.
What assets does Borro accept?
We accept a broad range of luxury assets, including but not limited to Luxury and classic automobiles, fine jewelry, diamonds, designer handbags & accessories, luxury watches, precious metals, and selectively, other auction quality assets, luxury real estate. Don’t see your asset class? Call us to inquire about whether it qualifies as collateral at 212.776.1020. For more information click here.
How big of a loan can I get with Borro?
Borro provides loans from $2,500 to over $5,000,000. The size of your loan is primarily determined by the value of asset(s) being used for collateral.
How does Borro determine the value of my asset?
Our accredited in-house specialists have a combined 80+ years of experience valuing luxury assets. They are experts in their field with deep auction house relationships and a strong network of appraisers, traders, and dealers. While each asset’s valuation is unique and we use specific criteria to determine how large a loan the asset will qualify for, all valuations are based on current fair market value prices. For more information click here.
How do your interest rates compare with conventional loans?
Our interest rates are, on average, 3-8% per month. Generally speaking, the larger the loan, the lower the rate. Our rates are typically well below industry averages for collateral-based loans and other types of non-bank loans, which range from 10-25% per month. While higher than traditional bank loans, a prospective borrower must take into account the significantly greater speed, ease, flexibility and probability of obtaining a Borro loan versus a traditional bank loan. Our loans impose no personal guarantee upon the borrower, and our primary criterion for providing a loan is the value of the asset(s) being used for collateral.
How do I apply for a Borro loan?
You can apply for a Borro loan in-person by appointment at either our Denver or New York office, online at borro.com, or over the phone. You can obtain an initial quote by describing your asset (photos help us give the most accurate quotes). The offer is not final and can change upon in-person evaluation by our underwriters. We must inspect your asset in order to receive a final quote. This can be done by bringing it into one of our offices or sending it via FedEx. (In the case of automobiles, we will send someone to where the vehicle is located). Shipped assets are insured through our partnership with ParcelPro, and shipping is free in almost every case. Get your final loan offer and receive funds. Your funds are usually deposited and available to you in 24 hours or less. Once we receive your asset, we complete our evaluation of its condition and value. You will receive a final offer and electronic contract via DocuSign. If you have any issues whatsoever at this point, call us at 212.776.1020, we’re here to help you through the entire process. Read, complete, and sign the DocuSign contract. When we receive the signed document, you’ll receive your funds via wire or ACH.
Where is Borro located?
Borro is a Luxury Asset Capital brand and is based in the United States. Our corporate headquarters is in Denver, Colorado, and we also have a sales and client services office in New York City. To view our locations and contact info click here.
How does a Borro secured loan work?
Borro offers both short term loans and luxury lines of credit. Regardless of the loan type, the maximum amount that can be borrowed is determined by a loan to value (LTV) ratio in the range of 50-70% of the current resale value of the luxury asset(s) we take possession of as loan collateral. We securely store and care for your asset until the loan principal and interest is paid back, or, in the case of a line of credit, the principal and interest are paid back and the account is satisfied. For more information click here.
Is there a credit check or is personal or business financial documentation required?
No. Unlike traditional bank loans or loans from most non-bank lenders, there are no credit checks or financial disclosures required for Borro loans. We don’t ask for pay stubs or any financial information. You will need to have your bank account information ready so we can direct-deposit funds and deduct fees. There are no invasive requirements except proof of ownership of the asset(s). We never ask for and will never have your social security number.
Do I pay for shipping?
No you do not need to worry about the shipping costs*. In addition, we also cover the cost when shipping your assets at the conclusion of your loan. *Exceptions are only made for extremely large and/or heavy assets.
Will I get my assets back?
Of course! We only hold your assets until your loan principal and interest are paid, or for Luxury Line of Credit clients until your loan principal and interest are paid and your account is satisfied.
What if I have trouble making my payments?
We will work with you and we are flexible – within reason. If you have an issue during your loan repayment let us know and we will work with you to establish a plan.
Why should I trust Borro to be one of my financial services providers?
We have been in business since 2008 and have loaned over $450,000,000, helping over 15,000 people just like you meet business and personal financial deadlines. We are fully licensed and regulated by the laws of Colorado and New York and carry an A+ rating with the Better Business Bureau. We are widely recognized as the leading provider of Confidential, Non-Bank Loans that Use Borrowers’ Luxury Assets as Collateral. For more information click here.
Do you provide loans to clients located outside of the United States?
We have, in certain situations, completed transactions for clients outside the United States. The majority of our clients are in the US and have US bank accounts.
Built around you
We provide short-term loans from $2,500-$5,000,000+ that fund in 1-2 business days using luxury asset(s) as collateral. The transactions are completely confidential – no credit checks or financial disclosures that could complicate financing already in place. Your luxury watches, fine jewelry collection, designer handbags, fine art, classic/exotic cars or other luxury assets are all that’s required to solve a temporary liquidity problem.
Meet our team
Saving you time, earning your trust and most importantly meeting your specific financial needs and deadlines. Our team of accredited experts and financing specialists will tailor a loan to help you address a situation or meet an opportunity with the utmost urgency and care. The Borro team brings together decades of thought leadership and success from the disciplines of collateral lending and luxury assets.
Dewey Burke
Chief Executive Officer
KATELYN CONLON
Chief Revenue Officer
Eva Quiroz
Chief Operating Officer
Richard Shults, GG
Chief Valuation Officer
Brian Cornick
Chief Financial Officer
Caitlin St. John, GG (GIA)
Senior Vice President of Operations
Head of New York Office
CHloe Kilburn, M.A.
Senior Vice President Of Fine Art
Mitzy Colledge
Senior Director, Client Management
Katie Chamberlain, GG
Senior Director, Head of BH Office
Brad Powell, GD (GIA)
Senior Director Of Valuation
Becky McDonnell, GD (GIA)
Senior Director Of Client Engagement
Kim Mrvos
Senior Director of Client Engagement
Conner Cole, GG
Senior Director Of Client Engagement
Deah Jones, GD (GIA)
Director of Client Management
Jennifer Brown
Director of Accounting
Lizzie Franco, MA, GD (GIA)
Director of Fine Art
Ryan Laurence
Director of Client Management
Israel Narvaez
Director of Client Engagement
Rita Azaryan, AJP (GIA)
Associate of Client Engagement
Jeneba Jabbie, JD, GG (GIA)
Associate Of Client Engagement
We are a Luxury
Asset Capital Brand
Nation’s largest privately-held provider of non-bank loans that use borrowers’ luxury assets as collateral.
BUILT AROUND YOU
No collateral loan amount too large or too small with flexible terms, and a wide range of assets accepted as collateral.
PROVEN TRACK RECORD
Loaned to date over one billion dollars to hundreds of thousands of clients with prompt, personal service.
