Borro has operated under interim permission for over two years, although the firm secured permission to enter into the regulated bridging market last month.
The announcement comes just weeks after Borro posted an operating profit following a ‘pivotal’ year.
Paul Aitken, CEO and founder of Borro, said: “We are very pleased.
“FCA approval is something clients and partners look for as a sign of a trustworthy and fair lender.
- Borro posts operating profit after 'pivotal' year
- Borro enters regulated bridging market after FCA approval
- Borro rescues client with £240k loan
“Having it for both luxury asset and property lending sets us apart in the market.”
Borro expects its new permissions to bolster its link to the financial services community, which currently refers around 86% of its luxury asset business.
“After announcing our approval for property loans, we saw an immediate increase in demand for both products,” Paul added.
“With FCA approval now across the board, I expect the number of referrals for luxury assets from our partners to double.”
Founded in 2011, Borro has currently originated over £210m in lending.
The firm offers loans between £5,000 and £5m, with an average loan of £55,000 for luxury assets and £1m for residential property.
Leave a comment