Borro’s general manager, Tom McDermott had a chance to speak with us about his job and the importance of Borro. For those of you who are unfamiliar with their company, Borro is a UK-US online pawnbroker and lender that offers short-term loans secured against collateral and personal assets (such as jewelry, watches, gold, art, boat, cars, fine wine and other valuables). When asked about his specific job and the requirements involved with Borro, Tom explains that he lends against luxury assets and provides short term capital to high net worth individuals, small business owners, entrepreneurs, etc. Borro also allows them to leverage their luxury personal assets and an area that they also lend against is memorabilia and things that were used in Hollywood films. Being a financial services organization, Borro will do a loan against memorabilia (such as Steve McQueen’s vintage motorcycle jacket in the movie Bullet in the 70’s, The Beatles first contract, the Harry Houdini collection of different strait jackets and handcuffs, as well as sports memorabilia like Olympic gold medals and super bowl rings). These are some ways in which Borro impacts Hollywood and the movie industry.
Tom McDermott also mentions how Borro will sometimes receive calls from individuals with interesting items that they wish to get some capital against. However, what they don’t realize is that you don’t have to sell your treasured item. You can find someone who can lend against it. This is when the process begins where someone walks into the Borro offices and becomes provided with extra short term liquidity. Borro also has two main office locations, New York and Los Angeles. The companyusually gain its consumers through their marketing directly to consumers online, transit advertising, as well as radio and television advertising. Borro also receive referrals from partners, private banks, attorneys, art lenders, art appraisers, and accountants who refer their clients to Borro when they hear that their client is in need of short term capital. Within this process, Borro will ask the client to send information on the asset in question, provide paperwork that shows they are the owner and that it is authentic, and then they will figure out how much it is valued in the market. They also lend a percentage against that, typically around 65% of the value of the asset. They will lend to the individual and will take possession of that asset during the period of the loan.
When it comes to lending items, Borro will send out a “Borro Box” for special items such as jewelry or watches where they can send it in via FedEx where they can look at it, value it, and make the client an offer. With larger items, such as a vehicle, Borro will go to their client’s residence, look at the asset and/or pick it up, and do the loan. In order to transport the vehicles, they will often send out a flatbed truck. Clients frequently choose Borro because their company is fast, can turn a transaction within a day, and they are also discreet (meaning that Borro does not perform credit checks on the individual).
To find more information on Borro and to learn how to contact their office, please visit their website at www.borro.com.You can do a short application online and you can also contact them through their 800 number to contact their call center.