Borro’s team of accredited experts and financing specialists tailor loans to meet small business needs, making Borro a trusted lender to over 15,000 clients since 2008.
Emergency small business loan programs including the SBA’s Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program have attracted millions of small businesses seeking relief from the damages wrought by the Coronavirus (COVID-19). While some businesses have begun to receive these much-needed funds, there have been reports of numerous delays, and that the initial pool of government funding for the PPP has been exhausted. Continuance of the PPP, including the funding of loans already applied for but not processed prior to the program’s running out of money, awaits passage of additional Congressional appropriations.
Borro™ is a source of bridge financing to small businesses awaiting processing and funding of their government loan applications. It offers both standard loans and revolving line of credit loans to any kind of business, using the business owner’s luxury assets as collateral. Unlike loans from most traditional and alternative lenders, Borro loans involve little paperwork, no credit check, and no personal guarantee. The sole determinant for obtaining a Borro loan is the market value of the luxury asset(s) used as collateral. While there is no fixed length to a Borro loan, many small businesses use them as a bridge financing vehicle to satisfy immediate capital needs for a few months until another financing becomes available. Borro loans range in size from $2500 to over five million dollars, and transactions can be executed in as little as one business day.
With a Borro loan, business owners access the equity in the luxury assets they own that are high in value but low in liquidity. The items most commonly collateralized are luxury watches, fine jewelry, and diamonds, designer handbags, but also include collectible cars, luxury real estate, or premier auction house collateral. Whether it’s using a Rolex collection, a vintage Ferrari, or a GIA-certified diamond to help cover an immediate expense, Borro experts are ready to help clients realize opportunities and address situations by providing timely access to capital. Borro’s accredited in-house specialists have a combined 80+ years of experience with luxury assets, and a commitment to provide a fast, accurate, and fair valuation of all assets used for collateral.
Luxury asset dealers or trading companies can use their existing inventories as collateral for Borro loans.
Borro recently announced a reduction in its interest rates to help ease financial burdens arising from the current national emergency. Clients who close a new loan with Borro by May 25, 2020, will receive a reduced interest rate of 20% for the entirety of their loan.
“We are all in unfamiliar territory as we navigate the global health and economic crisis caused by COVID-19,” said Dewey Burke, Founder and Chief Executive Officer of Luxury Asset Capital, the parent company of Borro. “While small business owners are awaiting funds from federal and state financial assistance packages, Borro can provide financing to help meet important business and personal financial needs. A collateral loan is an attractive alternative to selling securities at a loss or tapping into retirement savings to maintain liquidity. Unlike those options, financing through Borro leverages their past purchases, not their financial future, by utilizing the equity of luxury assets they already own.”
For more information about Borro loans, please visit https://borro.com/loan-products/