Fifty-eight per cent of borro’s business comes from IFAs (35 per cent) and mortgage brokers/packagers (23 per cent).
Eight per cent of introductions came from loans brokers and packagers, while commercial finance brokers and bridging brokers accounted for 7 per cent and 4 per cent respectively.
Top introducer businesses:
|
Introducer Type |
% of Total
|
|
IFA |
35% |
|
Mortgage Broker / Packager |
23% |
|
Loans Broker / Packager |
8% |
|
Commercial Finance Broker / Packager |
7% |
|
Bridging |
4% |
|
Broker |
4% |
|
Wealth Manager |
4% |
|
Art Dealer |
4% |
|
Wine Merchant |
4% |
|
Accountant |
3% |
|
Asset Finance Broker |
2% |
|
Commercial Packager |
2% |
Paul Aitken, CEO and founder of borro, commented: “In the current economic climate it is hard for individuals and businesses to access finance. As a result 40 per cent more intermediaries have recognised that in the right circumstances clients can use valuable personal assets to raise funds without lengthy bank processes or utilising property as a guarantee. At borro we have seen a huge rise in art and wine collections coming through our doors so it is great to have wine merchants and art dealers on our books. Introducers are becoming more aware that services like ours can offer their clients a fast and transparent lending channel that is increasingly becoming mainstream.”
Top 5 reasons to use borro:
borro has also revealed the main reasons introducers are recommending borro’s services to its clients; the top five reasons are:
1. To bridge funding gaps (either side of a transaction);
2. To pay a tax bill;
3. To pay a legal fee, or school fees;
4. To fund projects such as property developments;
5. Working capital.
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