Embargoed until Tuesday 7 February 2012
BORRO EXPANDS INTO US MARKET WITH NEW YORK OFFICE OPENING TODAY
• borro to provide personal asset loans to New York residents and commuters from the Tri-
state area through www.borro.com or at their midtown Manhattan offices
• In the first ten days, borro has issued $100,000 in loans via online soft launch
• borro saw a 3x increase in UK customers borrowing against their personal assets last year
borro, the UK’s fastest growing personal asset lender, today announces it has expanded into the
U.S. market with offices in midtown Manhattan and via an online presence at www.borro.com.
Applying the same successful model launched in the UK, borro will provide loans of up to
$1,000,000 to the New York and Tri-state area secured against high-value personal assets such as
luxury watches, fine art, antiques, and luxury automobiles. Highly qualified valuers, formerly of
Sotheby's, Bonham’s and Christie's will provide the customer with the most accurate valuation
against their assets, in order to provide the best deal. All assets will be stored in secure and
insured vaults or specialty premises.
The majority of borro’s UK customers are entrepreneurs and small business owners. According to
the United States Census Bureau, there are 2.3m small business owners and sole proprietorships
in the New York Metropolitan area. In an already tight credit market, these customers are often
looking for but may have trouble obtaining short-term financing. borro has already lent $100,000
in the first 10 days of its US soft launch, predominately to this market, with an average loan
amount of $10,000.
Paul Aitken, CEO of borro, comments: “Our experience in the UK over the past three years
proves the need and value of the borro model. Our UK business has grown four-fold each year,
and we have already seen a demand for our services in New York.”
“Our service is quick and discreet and a loan can be redeemed at any time without penalty. We
employ expert valuers or appraisers so that we can safely lend the maximum amount against an
asset. Our customer experience from beginning to end is exceptionally smooth and efficient.”
borro in the UK
At the end of this year, borro’s UK vaults and specialist storage contained assets worth in excess
of £20 million. In 2011, their average loan value increased to £3,500 (up from £1,000 in 2010) for
fine art and antiques, luxury watches, jewellery, prestige cars and other assets. Overall, borro has
seen an increase of over 3x the number of customers borrowing against their personal assets. A
loan of £1 million against a fine art collection was also completed last year.
borro offers loans of £1,000 to £1,000,000 secured against fine art, antiques, prestige cars, luxury
watches, jewellery, gold, fine wine other high value assets. Assets are stored 30 feet underground
at the 120 year old London Silver Vaults in Chancery Lane, as well as a range of specialist storage
facilities for fine art and antiques, fine wine and prestige and classic cars.
Founded in 2008 by Paul Aitken, borro has become the fastest growing personal asset lender in
the UK, and was recently named the Alternative Lender of the Year by ‘Credit Today’ magazine. A
transaction with borro is transparent, with all rates and processes made clear from the outset.
Loans can be redeemed at any time without penalty.
For further information please contact:
Lansons PR – firstname.lastname@example.org / 0207 294 3678
More information can be found at www.borro.com.
Notes to Editors:
• borro is the leading personal asset loan provider in the UK. borro provide loans from £1,000 – to
£1,000,000 secured against assets including jewellery, luxury watches, gold, fine art, antiques,
sculptures, prestige cars, yachts, speedboats, fine wine and other high value assets.
• All of borro’s valuation experts have worked for leading auction houses, including Sotheby’s,
Christie’s, and Bonhams.
• All assets are stored in secure and insured specialist vaults/premises. Most assets are stored thirty
feet underground under time lock at a prestigious 120 year old storage facility in central London.
Fine art, sculptures and antiques are stored at fine art storage specialists and luxury cars are
stored in air conditioned premises and delivered back with a full valet.
• borro offer various premium transportation options including home visits, same day couriers and
appointments in their valuation centres. All these services are fully insured and provided for by
• Founded by Paul Aitken in 2008, borro has received growth funding from Octopus Investments,
Augmentum Capital, European Founders Fund (Facebook, Linked-In, Alando.de, Jamba!) and Eden
Ventures (Apertio, Truphone, We7).
• Borro Limited has a Consumer Credit Licence issued under Number 620035, and is regulated by
The Office of Fair Trading. Borro Limited’s registered address is Seebeck House, One Seebeck
Place, Knowlhill, Milton Keynes, Buckinghamshire, MK5 8FR and the company registration number