Valued Virtues: Capitalize on the Equity of your Luxury Assets without Selling
VENÜ chimes in with Borrō, the leading provider of confidential, non-bank loans that use borrowers’ luxury assets as collateral.
Venü: How was your company founded?
Borrō: Our parent company, Luxury Asset Capital, was founded by Dewey Burke, an entrepreneur with extensive experience in the private sector of equity and collateral lending with the undertaking of providing a safe and effective way for the UHNW individual to leverage their equity in asset classes that are high in value and low in liquidity of their prized possessions.
Venü: What’s the primary mission of your brand?
Borrō: Borro was established as a fintech platform to provide capital to individuals at critical moments in time. Our mission is to help individuals who need to quickly and discreetly meet a financial deadline every day to seize a crucial opportunity.
Venü: How many years has your company been in business?
Borrō: The company began in 2008 and has provided nearly half a billion dollars of loans to over 15,000 clients.
Venü: What is the process of obtaining a short-term loan?
Borrō: We meet with prospective clients either in person or over the phone to understand their liquidity needs and available assets for collateral. Our expert staff determines the asset(s) value and quotes loan terms, which clients accept through a single, simple contract. We take possession of the collateral assets, which are fully insured and securely stored by us during the life of the loan, and wire the entire loan amount to their bank account. When the loan and interest are repaid, the assets are returned – fully insured until the borrower retakes possession. Even after a loan is repaid, clients can continue to store their tangible assets with us at no extra charge and enjoy the flexibility of a line of credit that provides them near-immediate access to capital with just a phone call away.
Venü: How quickly is your turnaround from inception to funding?
Borrō: Generally speaking, one to three days; however, we can fund as quickly as 24-hours.
Venü: How do you calculate what the line of equity is from the client’s luxury assets?
Borrō: Our accredited in-house specialists combined have 80+ years of experience within the industry of luxury assets. We have robust auction house relationships with a deep-seated network of appraisers, traders, and dealers, among their prowess in the field. While each asset valuation is unique by industry, we use specific criteria to substantiate a loan amount based upon what the investment will qualify for. All valuations are based on the secondary market.
Venü: What are the basic criteria for documentation or end-documentation for funding transactions?
Borrō: It’s really driven by the valuation requirements for the assets being used for collateral. In most cases involving fine watches or fine jewelry, valuation is straightforward using well-established secondary market indices. Some asset classes also require authentication of ownership. For high-end or classic cars and art, an official title deed is required. In the cases of fine art or auction quality collectible items, certificates and detailed provenance documentation is needed.
Venü: What assets do you accept as collateral?
Borrō: We accept a broad range of luxury assets, including but not limited to luxury and classic cars, luxury watches, fine jewelry, diamonds, designer handbags & accessories, precious metals, fine art, auction quality assets, and luxury real estate.
Venü: Is the company a direct lender?
Borrō: Yes. We are NOT a broker and all our loans remain on our balance sheet.
Venü: What is the competitive edge you have over your competition?
Borrō: Service and responsiveness. In addition to closing relatively straightforward loan transactions that are rather effortless for our clients, we are adept in structuring complex transactions involving multiple asset classes with speed and convenience. We have a $100,000,000 line of credit from our partners, giving us the ability to provide immediate capital in virtually any amount to offer loans as sizable as a traditional bank without the invasiveness, paperwork, or delays.
Venü: What services do you provide for the UNHW clientele?
Borrō: We are the leading provider of confidential, non-bank loans to the UNHW community that provides 5, 6, and 7-figure standard loans and lines of credit typically in 1-3 days with virtually no paperwork or personal guarantee. We address clients’ short-term liquidity needs arising from situations including bridging financing gaps to close deals, covering business expenses during a slow period, addressing unexpected costs such as a tax payment or margin call, or using assets in a collection to make a strategic acquisition.
Venü: Can you enumerate more about your impeccable customer service?
Borrō: What our customers experience is a company built on integrity. We founded it with the basic principles of being honest, trustworthy, helpful, and showing empathy. What we’ve learned as we’ve received feedback from our clients and 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 choosing the right people. I encourage anyone to read our BBB or Google reviews.
Get in touch with a Borro valuation expert to determine how much equity you can tap from your luxury assets. ☐