Borro rolls out 48 hour valuation guarantee on bridging deals
13 March 2017
Borro, the leading platform for clients borrowing against multiple asset types, is offering brokers and their clients a guarantee that every valuation for a bridging loan will be completed and returned within 48 hours of first contact by a surveyor or their valuation fee will be refunded on completion.
Details are as follows:-
- For all properties valued in London and SE
- Clock starts ticking from when the client is contacted by a surveyor
- Max Property Val £3m
- Max gross LTV 70%
- Residential property only
- Regulated and Unregulated
- Refund of valuation fee payable upon completion
Borro which provides secured loans to wealthy clients seeking fast and flexible credit is unique among lenders in offering loans against all kinds of luxury assets, apart from just bricks and mortar.
According to Borro’s Director of Sales, Claire Barrington-Jones, bridging finance providers, once renowned for providing fast finance, are becoming slower to complete deals.
She said, “We know from talking to our introducers that the average time to complete a bridging deal is getting longer. To our mind this rather negates one of the main USP’s for which bridging is renowned. Time taken to undertake valuations and return them to the lender has been cited as one of the main reasons for delays.
Therefore, we are issuing a challenge to demonstrate that bridging finance arranged through Borro can still be guaranteed to complete in a timeframe that suits our introducers and their clients. By ensuring that the valuation is completed and returned within 48 hours, we can make sure that we meet and exceed our introducers’ expectations.
Borro is the natural choice for any adviser whose clients want cleared funds for any purpose, quickly, discretely and with the minimum of fuss, whether they are borrowing against bricks and mortar or other personal luxury assets.”
