As the nation continues to seek alternative sources of finance, borro has seen a 64 per cent rise in loans to clients for bridging purposes in 2012.
Bridging loans are used by borro clients for a variety of reasons, from facilitating a business transaction, to paying for surveys and other fees relating to property refinancing, or simply to support an irregular income. In 2012 the average borro bridging loan stands at £17,000, an increase of 52 per cent from the beginning of this year. The average loan term is three to four months.
Paul Aitken, founder and CEO says “We know consumers need to be able to access finance quickly and efficiently – especially in the case of facilitating a business transaction – however, this demand is not being fully met by the banks and other traditional lenders.
In 2012 we have seen more and more clients come to borro for that exact reason. This year, for example, a customer needed £9,000 for business cash flow purposes, whilst waiting on a big client to pay their invoice, and another needed £8,000 whilst waiting for a property to sell. By coming to borro they unlocked the value in their personal assets to facilitate opportunities, business or otherwise, that would not have otherwise been possible.”
borro has seen considerable growth over the course of 2012, with a 122 per cent increase in funded loans for 2012 to date, compared to the same period last year, signifying a notable increase in the number of people looking for alternative forms of lending.
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