Borro has completed its first £1m loan as the firm says it is setting its sights on the larger loan market.
The short term lender issued the loan, which was secured against a fine art collection valued at £5m, to a consumer looking to complete a large property deal via specialist intermediary Niche Financial Solutions.
Borro says it has seen a 111% increase in loans over £20,000 in the past six months.
Paul Aitken, chief executive officer at Borro, says the vast majority of this increase has come from small business owners and the self employed.
He says: “It is clear from the size of the loan which we have just made to Niche Financial Solutions’ client, taken with the steady increase in loan sizes we have seen this year, that Borro’s service fills a growing need for larger loans, which is not being met by banks.”