(PRESS RELEASE) DENVER — Borro, the leading provider of confidential, non-bank loans that use borrowers’ luxury assets as collateral, announced two initiatives. The first is reduced rates to help ease financial burdens arising from the current national emergency. Clients who close a new loan with Borro by May 25, 2020, will receive a reduced interest rate of 20% for the entirety of the loan. (Watch the video of Dewey Burke, founder and CEO of Luxury Asset Capital, parent company of Borro, making the announcement). Combined with Borro’s industry-leading low-interest rates, the special rate reduction further establishes a collateralized loan as an effective short-term financing strategy at times of financial stress. Loans from Borro require virtually no paperwork, no credit checks, no lengthy waiting periods, or tax implications.
The second initiative Borro has implemented is charitable contributions to the first responders and healthcare workers in Colorado and New York City, to help those putting their lives on the line to combat the COVID-19 crisis. A portion of the proceeds from loans made during the next two months is being donated to the Colorado COVID Relief Fund and the NYC Health + Hospitals COVID-19 Relief Fund.
During times of heightened uncertainty, Americans, even wealthy ones, may encounter cash flow problems. Owning luxury assets has long been an effective hedge against financial market volatility. Borrowing against a luxury asset provides fast, easy access to a capital infusion when traditional forms of financing cannot deliver short-term capital with the necessary speed, convenience, or discretion.
“We are all in unfamiliar territory as we navigate the global health and economic crisis caused by COVID-19,” said Dewey Burke, founder and chief executive officer of Luxury Asset Capital, the parent company of Borro. “While federal and state governments are developing financial assistance packages, Borro can provide financing to help individuals and businesses meet important business and personal financial needs. A collateral loan is an attractive alternative to selling securities at a loss or tapping into retirement savings to maintain liquidity. Unlike those options, financing through Borro leverages their past purchases, not their financial future, by utilizing the equity of luxury assets they already own.”
Borro provides cash in amounts ranging from thousands to millions of dollars in exchange for assets that are high in value but low in liquidity. The items most commonly collateralized are luxury watches, fine jewelry, and diamonds, designer handbags, but also include collectible cars, luxury real estate, or premier auction house collateral. Whether it’s using a Rolex collection, a vintage Ferrari, or a GIA-certified diamond to help cover an immediate expense, Borro experts are ready to help clients realize opportunities and address situations by providing timely access to capital.
Doing business with Borro is straightforward and discreet, requiring little paperwork, no credit checks, no individual or business income information, and no loan application. Transactions can be executed in as little as one business day.