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.