Luxury Asset Capital®, a leading provider of alternative financing, today announced that it has acquired and relaunched Borro Private Finance. The acquisition gives the company ownership of one of the most highly recognized brands in the alternative financing marketplace, thousands of customer and partner relationships, and a wealth of market intelligence relating to non-bank luxury asset lending.
Luxury Asset Capital (including its subsidiary brands) and Borro have been the leading providers of non-bank lending that use the borrower's luxury assets as collateral since 2008, pioneering the strategies of targeting upscale markets and offering online servicing and fulfillment to a nationwide market. Collectively, the companies have provided over $450,000,000 in loans to over 15,000 individuals and businesses, a high percentage of whom have taken out more than one loan.
As previously announced, Luxury Asset Capital has experienced particularly explosive growth over the past year, with triple-digit gains in overall revenue, profitability, and loan portfolio value driven by loans using luxury real estate as collateral, continued demand for loans collateralized with luxury & classic cars, expanding clientele served by its Sports and Entertainment Group, and its partnership with WatchBox, the leading global platform for the buying, selling, and trading of pre-owned luxury timepieces.
"The acquisition of Borro will further accelerate our growth by solidifying our position as the leading lender using luxury assets as collateral," said Dewey Burke, Founder and CEO of Luxury Asset Capital. "Borro raised over $180 million in investor capital and established itself as one of the most recognized brands in the alternative financing market. We expect that the Borro assets we acquired and merged into our firm will propel our type of lending to the forefront of consideration for anyone who owns a luxury asset and requires immediate capital."
Luxury Asset Capital relaunched Borro and Borro.com today, bringing significant new value with a much broader range of luxury assets accepted as loan collateral, more flexible loan terms, and new loan products such as the company's Luxury Line of Credit®. This proprietary product allows for a client's luxury asset to be securely stored indefinitely in the company's vaults, enabling capital to be immediately available with simply a phone call. Borro customers who wish to transact in-person will have access to the company's team of experts at its Denver headquarters and newly opened New York City office in Midtown Manhattan.
"The acquisition and relaunch of Borro by Luxury Asset Capital makes it possible for us to provide greater value to our clients than ever before," said Shelley Berube, Executive Vice President and seven-year Borro executive. "Whether it's using a Rolex as collateral to help fund the expansion of a watch collection, a classic Ferrari to provide working capital for a business or a GIA-certified diamond to help cover an immediate expense, our experts are ready to help clients realize opportunities and address situations by providing timely access to capital."
Additionally, the company is consolidating its market presence under the Luxury Asset Capital and Borro brands. Though its personnel, processes, and client relationships will remain in place, effective immediately, the company's Lux Exchange and Pawngo brand names are retired and replaced by Borro. Luxury Asset Capital will continue as a market-facing brand for very large, complex transactions as well as luxury real estate deals. The company also plans to expand major strategic and corporate partnerships, such as the one previously established with WatchBox, the global leader in the buying, selling and trading of preowned luxury watches.
While tens of millions of Americans use collateralized financing as a financial management strategy, Luxury Asset Capital is broadening the clientele benefiting from loans using luxury assets as collateral including collectible and classic automobiles, luxury watches, fine jewelry and diamonds, designer handbags and accessories, gold and precious metals, other auction-quality assets, luxury real estate, and guaranteed sports and entertainment contracts. Its offerings target the middle and upper-income segments as even those with substantial wealth and income face situations where quickly and easily gaining access to capital can realize opportunities or resolve problems as they arise. The company's attractive rates relative to other alternative finance providers and the ability to provide capital in as little as one business day, coupled with industry-standard-setting levels of transparency, convenience, and service are making Luxury Asset Capital and its subsidiaries an ongoing financial resource to its clients alongside their accountants, banks, and financial advisors.
ABOUT LUXURY ASSET CAPITAL
Luxury Asset Capital is a leader in the alternative financing market, with more than 20,000 transactions and over $450,000,000 in loans funded since inception. We are a private lender to individuals and businesses in exchange for luxury assets that are held as collateral when traditional channels of financing are either too slow, invasive, burdensome, or, in some cases, unavailable. We unlock the equity in a wide range of assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one business day. Please visit our main lending site at www.borro.com or our corporate site at www.luxuryassetcapital.com.