May 13, 2013 12:24 ET

Personal Asset Lender borro® Lends Over $70 million Against Unique Assets and Rare Collectibles

Twenty-Four-Hour Approval on Loans Ranging From $1,000 to $1 Million Lets Individuals Turn High-Value Assets Into Cash to Fund Investments, Business Opportunities or Cash Flow Shortfalls

NEW YORK, NY--(Marketwired - May 13, 2013) - Leading personal asset lender borro® has reached the milestone of issuing over $70 million worth of loans in total across its international business, with $35 million lent to individuals since its U.S. launch in February 2012.

Offering a faster, less cumbersome approach to traditional bank lending, borro lends up to $1 million on personal assets including jewelry, luxury cars, fine art and antiques, fine wine and more, with 24-hour turnaround on approval and payment. This fast access to cash with no invasive background checks has positioned borro as the go-to source for resolving temporary cash flow issues or funding new business opportunities.

Unlike traditional loans where the item being purchased is used as collateral, borro lending is based on the open market value of the assets for a short-term, typically 6 months, with the option to renew for consecutive six-month terms as needed. Borrowing against existing personal assets gives clients the quick access to cash they need without the time, headache and cost of selling unique or rare collectible items. Plus, at the end of the loan period with the balance paid in full, borro clients get to keep the asset, retaining its full value and their total net worth.

"We've seen a tremendous surge in business over the past year, as the traditional lending market continues to tighten," said borro CEO Paul Aitken. "borro's faster service compared to typical bank lending and the lower cost versus selling the asset are very appealing to high-net worth individuals and small business owners looking to strike while the iron is hot for new investments, including real estate and property development where time is of the essence."

Securing a loan from borro is fast and easy: simply complete the online web form or call to book an appointment with one of borro's internationally certified appraisers who have more than 150 years of combined experience from Sotheby's, Christie's and Bonhams auction houses. These expert appraisers can also come to you at home or where the asset is stored, to appraise the asset and offer you a loan based on the open market appraisal value (loans typically range from 50-70 percent of the open market value). borro lends against a wide range of assets, with recent unique assets including Picasso prints, gold bars and Cartier timepieces to name a few.

Once approved, borro issues the loan payment via bank transfer and stores the asset safely and securely for the duration of the loan, with special environmentally controlled facilities available for fine art, antiques, fine wine and luxury cars. The entire process takes just a few hours, and along the way, each borro client has access to a personal account manager who provides individualized assistance throughout the loan process from application to payment.

With borro, there are no credit checks as the loan is secured against your asset and the interest paid is typically lower than the cost of selling. Loans can be paid off any time without penalty, with an average loan term of four to five months.

To find out more about borro's award-winning, on-demand personal asset lending service, or to apply for a loan now, visit

About borro:

borro is a personal asset lender which offers small business owners, entrepreneurs and high-net worth individuals liquidity against luxury personal assets such as watches, jewelry, prestige and classic cars, fine art and antiques. Loan values are determined by expert appraisers with over 150 years of combined experience from the top auction houses. With borro there are no credit checks and money is received within 24 hours. The service can be completed online, or in-person and borro will lend $1,000 to $1,000,000 depending on the asset.

* All assets are stored in secure and insured specialist vaults/premises. Fine art and antiques are stored at fine art storage specialists and luxury cars are stored in a dehumidified and climate controlled premises.

* borro offers appointments at their valuation center, home visits, and various premium collection options including same day couriers. All these services are fully insured and provided for by borro.

* All assets are fully insured whilst in storage with borro for the duration of the loan.

* Founded by Paul Aitken in 2008, borro's investors include Canaan Partners, Ribbit Capital, Augmentum Capital, European Founders Fund, Eden Ventures and Octopus Investments. These companies have invested in, Lending Club, LinkedIn, We7, Betfair, Egg, Sportingbet, Facebook, and more.

* borro is a registered trademark of Borro Limited.

* borro is licensed by the City of New York under the Collateral Loan Brokers Law, Article 5 of the New York General Business Law, license number 1412743.

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