Get documents about "borro Introducer
Document Sample
borro Introducer
I N T R O D U C E R
SHORT TERM ASSET FINANCE
from £1,000 - £1,000,000
borro Introducer SHORT TERM ASSET FINANCE
Short Term Asset Finance with borro
borro is the leading short term asset lender in the UK, lending more than twice as much† against valuable assets, and at
better rates than other similar lenders. Loans of £1,000 to £1,000,000 can be offered against assets including Jewellery,
Luxury Watches, Gold, Fine Art, Antiques, Sculptures, Luxury Cars, Yachts, Speedboats and other high value assets.
All of borro’s valuation experts have worked for leading auction houses, including Sotheby’s, Christie’s, and Bonhams.
This gives borro the best understanding of the underlying value of each asset and means we can lend more than anyone
else. All assets are stored in secure and insured specialist vaults/premises.
There are many good reasons to introduce your clients to borro’s fast
and hassle-free service:
• Approval in Principle (AIP) in minutes
• Cash advanced within 24 hours
• All loans are non-status and secured against assets
• No set-up, extension, redemption, exit, expiry or penalty fees for clients
• No credit checks
• Introducers earn 7.5% of the loan value in commission
Flexible, cheaper, faster and more profitable
borro is more flexible, cheaper, faster and more profitable for introducers than Secured Loans and Bridging Loans
for 2-6 month terms:
Example – Short term mild adverse or self certification loan - value of £25,000 over 4 & 6 months.
borro Secured Loan Bridging Loan
Term of Loan 4 Months 6 Months 4 Months 6 Months 4 Months 6 Months
Access to Funds 24 Hours 24 Hours 1 Month 1 Month 1 Month 1 Month
Introducer Fee Zero Zero £2,000 £2,000 £2,000 £2,000
Lender/legal Fees Zero Zero £1,170 £1,170 £1,540 £1,540
I N T R O D U C E R
Interest during term £4,000 £6,000 £1,211 £1,816 £1,712 £2,568
Early Redemption charge Zero Zero £605 £605 £428 £428
Total charges and interest £4,000 £6,000 £4,986 £5,591 £5,680 £6,536
Introducer Commission £1,875 £1,875 £1,025 £1,025 £1,250 £1,250
SHORT TERM ASSET FINANCE
Note: Assets must be finance free. Example for illustrative purposes only.
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
Email: introducer@borro.com
2 www.borro.com/introducer †MSS 3
Survey of leading High Street asset based lenders
borro Introducer SHORT TERM ASSET FINANCE
Who introduces clients to borro?
All of our clients are introduced to us through IFA’s, mortgage brokers, accountants, solicitors, lawyers, wealth managers and
tax advisers. We can lend up to £1,000,000 and our valuation experts are available for home appointments.
Who can I offer the borro service to?
As borro loans involve no credit checks and are non-status, they are suitable for all clients in need of short term finance who
own assets of value. borro loans can be completed within 24 hours, and appeal to clients who do not wish to submit details
of income, or wait for finance.
What needs do borro loans satisfy?
Typical uses of a borro loan include:
• Bridging finance
• Supporting ‘own business’ working capital requirements
• Achieving a better ‘loan to value’ for a mortgage
• Paying for surveys and other fees relating to property re-financing
• Supporting an irregular income
And much more...
What are borro’s Loan to Value ratio’s (LTV’s)?
The table below shows indicative LTV’s for each asset class:
Asset Type LTV
Jewellery and Gold 70% + LTV
Luxury Watches 70% + LTV
I N T R O D U C E R Fine Art and Antiques 50% + LTV
Luxury Cars/Yachts 50% + LTV
SHORT TERM ASSET FINANCE
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
Email: introducer@borro.com
4 www.borro.com/introducer 5
borro Introducer SHORT TERM ASSET FINANCE
What details will my client have to supply?
borro loans are non-status and a client’s income can remain unspecified. Likewise borro does not perform
a credit check on a client, and the only mandatory information is proof of identity and address.
How much will this cost your client?
borro’s interest rates cover all costs including legal, administrative, setup, transportation, valuation, storage*
and insurance.
Loan Amount Monthly Interest APRs
£1,000 - £9,999 5% 69.0%
£10,000+ 4% 53.8%
£50,000+ 3.5% 46.4%
£100,000+ Negotiable Negotiable
*Except where highly specialised storage is required.
How are the client’s assets transported to borro?
Home Visits - for assets worth £20k or more we can organise for free a home valuation by one of our experts.
Appointment - for assets worth £2k or more we can organise for your client to meet a valuation team at one of our
appointment offices.
Premium Sameday Courier - for assets worth £5k or more we can organise for a free door-to-door sameday courier
service from your client’s home to our secure valuation centre. This service includes online real-time satellite tracking and
insurance up to £50K.
Royal Mail Special Delivery next day - for all assets up to the value of £30k we also offer a fully insured next day
delivery service, which includes online tracking. Assets are guaranteed to arrive free of charge at our valuation centre by
9am the next morning.
What is the process once the client’s assets have been transported?
When assets are received borro will:
• store the client’s assets in secure and insured specialist vault and premises
• appraise all assets & approve all loans
I N T R O D U C E R • provide funds for the loans
• manage all contact with your clients throughout the process
• manage the transfer and receipt of all monies and manage the customer identification verification process
Where are the client’s assets stored?
SHORT TERM ASSET FINANCE borro use only the best specialist storage facilities, so you and your client can be secure in the knowledge that the assets
Introducer Hotline: 0800 014 8618 are safe. Most assets are stored thirty feet underground under time lock at a prestigious 120 year old storage facility in
Fax: 01865 339 511 central London. Fine art, sculptures and antiques are stored at fine art storage specialists Ward Thomas. Luxury cars are
Email: introducer@borro.com stored in air conditioned premises and delivered back with a full valet. borro’s classic and luxury car specialists will even
6
www.borro.com/introducer service and run the vehicle whilst in storage.
7
borro Introducer SHORT TERM ASSET FINANCE
What if my client cannot repay the loan?
If your client is unable to pay back the loan and cannot redeem their asset, borro will manage the resale and settle the loan
on their behalf. borro does not charge any penalty fees and has a fiduciary duty to obtain the best price for the asset. All
assets are sold through the UK’s major auction houses and any surplus from the sale after our recovery costs will be returned
directly to the client. This will not affect the 7.5% commission earned by the introducer at any stage.
How is borro regulated?
borro is regulated by the OFT, and has a Consumer Credit License (No. 620035). We are also a part of the Consumer Credit
Trade Association. borro are not involved in any financial activities that require FSA regulation.
How time consuming will this be for me?
Once you have explained the service to the client, all you need to do is refer the client by giving us a call, or filling in a quick
application form via your online account. borro will then:
• manage all communication with the client once you have initiated a case
• manage on-going client relationships and accounts
• manage logistics of receiving assets and shipping them back to clients
• pay for the upfront costs of transporting the assets
What tools are there to help me sell & how can I track my cases?
borro will provide you with an introducer pack that includes brochures, AIP forms and PowerPoint presentations
containing both general and client targeted information. These can be found online via your online account, at
www.borro.com/introducer/login which you can sign-up and log into, to manage your cases and loans and track
the commission on your introductions.
How will my commission be paid?
All commissions generated by clients acquired using your network and serviced by borro will be paid on a monthly basis.
Introducer commissions will be paid in two stages. Firstly, 50% of the commission if and when the loan passes through the 15
days ‘right to cancel’ window under the Financial Services (Distant Marketing) Regulations 2004. If the loan does not reach
15 days no commission will be paid. Secondly, 50% of the commission if and when the loan enters the fourth month of the
I N T R O D U C E R
term. If the loan does not reach the fourth month, this part of the commission will not be paid. Commissions are based on a
percentage of the loan value, and will be paid according to the following commercial structure:
Overall If loan is in
Loan Value Initial Payment
Commission 4th month
SHORT TERM ASSET FINANCE £1,000 - £99,999 7.5% of loan value 3.75% of loan value 3.75% of loan value
Introducer Hotline: 0800 014 8618 £100,000 Negotiable Negotiable Negotiable
Fax: 01865 339 511
Email: introducer@borro.com
8 www.borro.com/introducer 9
borro Introducer SHORT TERM ASSET FINANCE
Case Study 1
Richard Hayes, an independent property developer needed £120,000 to bridge a financing gap and secure a property deal.
By taking a loan out against his fine art collection, Richard had the money in his bank account within 24 hours. borro paid for
the storage, insurance and transportation of his art and Richard was comfortable he had received the best possible loan
against his assets.
Case Study 2
Boudicca Sherazade, an antiques dealer from London needed £22,000 quickly to secure a purchase for a client. Using
her diamond jewellery and luxury watch collection to secure a loan, she had the money in her account within 24 hours
Boudicca explained: “I needed immediate funding for business reasons but I didn’t feel comfortable declaring my monthly
income. With borro.com I didn’t have to do this, plus I received the money the day after applying.”
I N T R O D U C E R
Case study 3
Steve Roche, is a building contractor and needed money fast, as a client had stalled on paying him. He took out a short
term asset loan against his Rolex Yachtmaster. “ I only needed £1,300 but borro.com told me I could borrow more if I
needed it, which was great.”
SHORT TERM ASSET FINANCE
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
Email: introducer@borro.com
10 www.borro.com/introducer 11
borro Introducer SHORT TERM ASSET FINANCE
Press coverage
View online at www.borro.com/introducer/news
borro have featured widely on national TV and in the press including :
Financial Times
Asset lenders gain in credit squeeze
“Paul Aitken, founder of borro.com, an online asset lender, claims that the volume of business-owner clients coming to his
website has increased several 100 per cent in the past 10 months.”
The Independent
Banksy’s works used as collateral by Europe’s art patrons
“Europe’s wealthy, hit by the crises in Greece and Spain, are increasingly turning to asset lenders for credit.”
The Times
More people turn to credit to make ends meet
“Paul Aitken, of borro.com, the online asset lender, said: “There has been a big up-swing in people coming to us for £1,000
plus loans.”
Mortgage Introducer
Fast cars and fine art for short term asset finance
“Online asset lender borro.com provides borrowers with short term finance against assets ranging from fine art to fast cars.”
Sky News
I N T R O D U C E R
See Jeff Randall interview Paul Aitken on Sky News. Important insights on why borro.com is successful are provided.
For more see www.borro.com/introducer/news
SHORT TERM ASSET FINANCE
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
Email: introducer@borro.com
12
www.borro.com/introducer 13
borro Introducer SHORT TERM ASSET FINANCE
Who are borro?
Our management, investors and board members have been involved in the
creation of a wide range of market leading and changing businesses including
Sportingbet, Egg, First Direct, Lovefilm, We7, Facebook, Linkedin and Betfair.
Who can I talk to if I have any
questions?
If you require any further assistance please contact:
Paul Aitken
CEO
0203 195 0396
paul.aitken@borro.com
Matt Hawksworth Ray Palmer
Sales Director Business Development Director
01865 339 614 0203 195 0397
matt.hawksworth@borro.com ray.palmer@borro.com
Pamela Baffour-Djan Heather Francis
Account Manager Account Manager
0800 014 8372 0800 014 8372
pamela.baffour-djan@borro.com heather.francis@borro.com
I N T R O D U C E R
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
SHORT TERM ASSET FINANCE
Email: introducer@borro.com
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
Please note: We can look into lending against other assets that can be taken into our
Email: introducer@borro.com possession for the duration of the loan term
14 www.borro.com/introducer 15
I N T R O D U C E R
SHORT TERM ASSET FINANCE
Chancery House, 53-64 Chancery Lane
London WC2A 1QU.
Introducer Hotline: 0800 014 8618
Fax: 01865 339 511
Email: introducer@borro.com
www.borro.com/introducer
