borro reports 64pc increase in bridging loans for 2012

The average loan size has increased by 52% from the beginning of the year and the average loan term is three to four months.

Paul Aitken, founder and chief executive, said: “We know consumers need to be able to access finance quickly and efficiently, especially in the case of facilitating a business transaction, however this demand is not being fully met by the banks and other traditional lenders.”

Aitken said borro has seen considerable growth over the course of 2012 with a 122% increase in funded loans for 2012 to date compared to the same period last year signifying a notable increase in the number of people looking for alternative forms of lending.