Short-term asset finance provider launches exclusive rate for brokers
04 March 2011
A new product exclusively for the use of intermediaries has been unveiled by the short-term asset finance provider 'borro'.
The company aims to complement normal property based bridging products and provide brokers with a proposition closer to the makeup of products they are already used to.
Paul Brett, Business Development Director at borro, said: "Our intermediaries have liked the flexibility which our standard products give them but wanted to be able to market a facility with the same advantages in terms of asset class as security which is more directly related to traditional bridging products.
"The result is a revolutionary proposition offering significant speed advantages with loans able to be closed in 24 hours, and using security that is based not on property valuation but on other assets."
The charging structure of the new product starts at 2.49 per cent per month and is designed for third parties, with a transparent fee.
Ian Balfour, CEO of Solent Mortgage Services, said: "It is refreshing to see some innovative thinking in the short-term finance market. The new pricing and charging structure will be welcomed by our introducers along with the opportunity the new product affords to top up traditional bridging or as complementary source of funding."
The company has revolutionised the short term finance market by lending against assets such as jewellery, luxury cars, fine art and antiques.
Mr Brett added: "With our new rate, intermediaries have a bridging weapon which can really make the difference for clients who need a bridging top up loan, or who are not eligible for normal bridging, or also may not want to have a charge against their property but need to raise money quickly for tax bills, property redevelopment, school fees, cash flow for own business or probate demands.
"With pricing starting at 2.49 per cent per month and procuration fees of 7.5 per cent of the loan value, it offers a really strong alternative funding source for clients and a valuable income opportunity for intermediaries."