We saw an opportunity in the marketplace with a business that was already existing, borrowing money against your luxury assets and taking it both upmarket and online, making it easier, sort of Amazoning this industry, allowing for clients to ship their assets to us, deal with us exclusively online, get a wire and not have to wait for cash or a check and just make the whole process seamless, pain-free, and most importantly fast.
What is important about our business especially when you think of it relative to traditional financing is how discreet it is, how not invasive it is. When you think about going to a traditional bank and trying to borrow money, what are they going to ask you for? They want your W2s if you have them, maybe you’re a K-1 employee. They want three years of tax returns. They want forward-looking financials. All of these disclosures, everything you have to sign to allow them to maybe fit you into their debt to income ratio, so they just might allow for their underwriters to say, “Yes. We’ll give you a loan
For us, we take a simple approach. We say, “You have an asset. You own it free and clear. When we can get comfortable on the value of it, we can get you a loan as little as a day and it’s discreet. We don’t run your credit. We don’t ask for your personal financial history. We don’t even have your social security number. It’s about the value of your asset. How much money can we get you and how quickly can we do it?” And you’re not going to feel like we’ve been inside your financial life in history for the past three to four years. We just worry about the asset and how we can help you the fastest.
Borro is an alternative financing solution for folks that are in need of liquidity quickly because they have an opportunity, an investment they want to make, a bill they have to pay, a piece of real estate they want to invest in, another company, double down on working capital for their business and they have a luxury asset that we can help them collateralize. We can evaluate it very quickly, come up with what we think it’s worth and provide financing in as little as one day.
It’s been fascinating for us as we’ve proven our business model to see all the different reasons that our clients come to us needing a financing solution. What our customers experience is a company built on integrity. We founded it with basic principles of being honest, trustworthy, helpful, and showing empathy. What we found as we’ve received feedback from our clients, read the reviews that have been written is we’ve hit the mark. Our client service has been reviewed to be outstanding and that’s an attribute to us focusing on those traits and that we chose the right people.
What I like most about my job and our firm and what we do is we help people, we solve problems, we solve issues. People come to us a need or an opportunity and we with our business model of helping collateralized luxury assets are helping people every day.