There's a new lender in town for wealthy individuals in need of quick cash. Borro.com, founded in the U.K. in 2009, is now operating in the U.S., making loans secured by luxury personal assets such as fine wines, art, diamond jewels and antique cars.
"We kind of position ourselves between the high end pawn shop and the deals too small for private banks," says founder and CEO Paul Aitken in an interview with The Daily Ticker.
Here's how it works: A wealthy individual in need of cash applies for a loan at borro.com or through a financial advisor, offering his or her precious asset as collateral. Borro then turns to an expert from its valuation team to appraise the asset and organizes the logistics to take possession of the asset. Within a few days, Borro wires the money to the customer. Aitken says the short
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