Suros Capital has helped an SME owner who was seeking a short-term funding injection.
Requiring capital for her luxury gift shop chain, the customer had been unable to secure a standard bridging loan quickly enough and had then hoped to sell her collection of Rolex watches to fund the finance she needed. Unfortunately, she was unhappy with the sale valuation and having consulted her financial adviser, she approached Suros Capital.
Suros Capital was able to offer £100,000 secured against three Rolex watches valued at £142,000. The whole transaction took less than 48 hours from valuation to funds in the client’s bank account.
Charles Hodge, business development director at Suros Capital, said: “Here is a case that clearly shows how luxury assets, like these Rolex watches, can provide an important alternative to property based security of loans. The loan we made will be repaid from the sale of these watches.
“The client has asked us to assist in finding a buyer because of our extensive knowledge of the market and our industry contacts.
“Assets like this are not just valuable for their rarity and collectability, but, as many owners recognise, they can provide solid security for funding as well.”