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£67m to help borro lend more

20 March 2014Written by Ivan Macquisten

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 financing.

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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