Whether it’s hefty legal bills, private school tuition or an unpredictable cash flow, there are several reasons why high net-worth individuals may need to raise liquidity in a timely manner. Yet regulatory issues can make it difficult to access loans from traditional lenders, whatever your financial status, says Claire Hillier, Chief Commercial Officer for international private lender Borro Private Finance.
Difficulty in raising liquidity can lead individuals to methods of funding that can hurt their financial plans. “Wealth managers tell me that if they are doing a good job at managing their client’s money they just shouldn’t have large quantities of cash sitting around, which can result in challenges when they need to take advantage of an opportunity quickly,” she says.
That’s why Borro Private Finance, a boutique finance and advisory firm, with offices in London and New York, makes it possible for clients to raise liquidity efficiently and discretely by borrowing against their luxury assets, including fine art, classic cars, jewelry, high-value watches, and even fine wine.
The company works with financial advisors, art advisors, auction houses and banks to find solutions that provide funding when clients experience a shortfall or want to create a new opportunity.
In addition to providing clients an alternative to borrowing from a bank, Borro Private Finance grants loans in a quicker timeframe.. That extra convenience can be crucial to customers who are looking for an immediate solution, Hillier says.
The service Borro Private Finance offers can be a great resource for wealth managers who often aren’t experts on luxury items. The company serves as another tool for advisors to help meet clients’ needs.
Hillier says the 10-year-old firm’s narrow specialty helps it deliver excellent service. “We know our business very, very well,” she says. “We were founded to serve wealthy individuals. People trust us. They know we can give clients the kind of experience they expect.”