borro, a UK lender that offers loans of up to $1 million secured against high-value real assets, is lanching in New York and the Tri-State area.

The firm specializes in lending against assets such as luxury watches, fine art, antiques, luxury automobiles, and even fine wine. It employs a team of valuers formerly employed by the likes of Sotheby's, Bonham’s and Christie's to appraise the assets, and lends up to the maximum value. Assets are then stored in secure and insured vaults or specialty premises, according to the firm.

“According to the United States Census Bureau, there are 2.3 million small-business owners and sole proprietorships in the New York Metropolitan area. In an already tight credit market, these customers are often looking for but may have trouble obtaining short-term financing,” the firm said in its statement.

borro said it has lent $100,000 in the first 10 days of its US soft launch, and that its UK business has grown four-fold each year since its 2008 launch.