Brits are turning to their fine wine collections to access finance, according to personal asset lender borro.
Since this period last year, borro has seen a 244 per cent increase in loan value of vintage wine collections and the collections stored in the company’s vaults have reached an average loan value of £27,000, with one collection of Château d’Yquem (1892 – 2001), attracting a staggering £75,000 loan value.
Paul Aitken, CEO of borro said: “Continued strict lending criteria has meant individuals are still struggling to access finance through more traditional means. Brits are turning to alternative sources of lending, with many people using their personal assets to secure finance. Vintage wine collections are something we see in our vaults, with people wanting to maximize their potential without entirely losing something so valuable. We have seen the loan value against vintage wine increase by 244 per cent in the past year.
“Many people are realising that they have collected an array of interesting or valuable personal assets that they can use to raise funds without lengthy bank processes or putting property up as a guarantee. The vast majority of our customers come back to claim their assets, demonstrating the risk free and efficient service we provide.”
