The online platform for short-term secured loans said if the scheme is successful, it will be rolled out as standard from 2016.
Borro said free valuations had been fundamental to its success with loans secured by luxury assets, and it will now transfer that know-how into property finance.
The London-based UK-US company, which launched into property finance less than two months ago, already offers to pay for valuations if a surveyor does not inspect the property within two business days from signing Heads of Terms.
“Paying for a valuation upfront, without a guaranteed outcome, is painful,” said Claire Barrington-Jones, Senior Vice-President of Group Sales at Borro.
“A free valuation avoids this dilemma, and is an approach that has been fundamental to our success over the last 5 years with loans secured by luxury assets.”
“Since 2011, the business has funded thousands of deals secured with luxury assets worth over £150m,” added Claire.
“Unlike the majority of lenders in today’s market, we can cross collateralise an entire portfolio of assets to enable a transaction.”
Last month, Borro completed a £350k loan with mortgage broker Coreco to provide funds for the purchase of a property which needed to be achieved in less than a week.
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