FREQUENTLY ASKED QUESTIONS (FAQ)
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Are my assets safe? 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 do you 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, and guaranteed sports and entertainment contracts. 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 do you 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 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.
Where is Borro based? 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. For view our locations and contact info click here.
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. 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.
WE ARE A LUXURY ASSET CAPITAL BRAND
Luxury Asset Capital is a leader in the alternative financing market and is the parent company of Borro. We are a private lender to high-net-worth individuals and entrepreneurs in exchange for luxury assets that are held as collateral when traditional channels of financing are either too slow, invasive, burdensome, or, in some cases, unavailable. We unlock the equity in a wide range of 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.