Pawnbrokers borro have secured another £67m lending facility to help expand their activities in the field of asset-backed lending.
They struck the deal with Victory Park
Capital, an asset management firm that provides debt and equity
The £67m is expected to boost traditional
loans against valuables and fund the firm's Sale Advance product.
This is a consignment loan package, similar to the advance
guarantees offered by some auction houses.
Under Sale Advance, a client consigns their
work via borro for a loan at a rate of 1% a month until the work is
sold at auction. Borro then take a percentage of the hammer price
on top of that.
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