It happens more than you think – the closing date on a real estate purchase is fast approaching and some complication arises that leaves buyers a few to several thousand dollars short of the funds required to close. It could be due to an appraisal not coming in at value, anticipated down payment funds not coming through, or a myriad of other reasons, but the net result is that buyers need cash fast, or risk losing their nonrefundable deposit or “earnest money.” Perhaps worse, the buyers risk losing out on the property they had their hearts set on acquiring…whether it is a primary residence, second home, or investment property. Real estate buyers finding themselves in this situation may tap family for a loan, access a margin or retirement account, take a credit card cash advance, or sell hard assets such as watches or jewelry, all of which have potential advantages and disadvantages.
Enter the Luxury Collateral Loan
Another source of fast cash that real estate buyers use is a luxury collateral loan. Collateral loans are a reliable, fast, and easy way to access cash with no credit check, credit history, or financial disclosures that could further complicate financing a real estate transaction. Instead, a collateral loan uses luxury assets buyers already own, including luxury & classic cars, luxury watches, fine jewelry & diamonds, gold & precious metals, designer handbag & accessories, fine art, and premier auction house collateral. Many don’t realize that owning assets such as Rolexes or Patek Philippe watches, Harry Winston or Cartier jewelry, a rare gold coin collection or a vintage Porsche can make the most flexible, convenient, and immediate funding options available at moments when cash needs are unexpected and urgent. Borro is the leading national provider of collateral loans, having provided nearly $475,000,000 in loans to over 15,000 investors, entrepreneurs, small business owners, and private clients.
Borro’s collateral loans range in size from $2,500 to over $5,000,000 and are based on the value of the asset or assets the individual decides to use for collateral. The entire process can take as little as 24 hours, making a collateral loan an ideal choice to bridge the gap required to close a real estate purchase even on extremely short notice. Assets are insured from when they are shipped or delivered to Borro, during their secure storage in our vault or luxury storage facilities, and until they are returned after a loan is paid off.
Who is Borro?
Borro, a Luxury Asset Capital® brand, is the leader in confidential loans that use the borrower’s luxury assets as collateral. We are a timely alternative to traditional loans that are often either too slow, invasive & 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.
We were established to provide capital to individuals at critical moments because we can be trusted to move quickly and confidentially to meet individual and business financial deadlines. We have been a lender to over 15,000 clients, providing nearly $475 million in loans since our founding in 2008. Borro’s industry-standard-setting levels of transparency, convenience, and service are making Borro the leader in trusted, alternative loan solutions.
For more information, please visit: https://borro.com/