Suros Capital has recently funded an ‘immediate’ short-term loan of £235,000 for the client of an SME business owner within 72 hours of enquiry.
Based in the South East, the client needed the sum in order to expand his business by moving into new office premises and was worried that the process towards a conventional loan was taking too long. The client’s broker then suggested talking to Suros Capital, who lend against luxury goods.
As the client had a Ferrari Spider sports car, the client could understand that there was an instant solution by putting up his car as security against a prospective loan to complete the office purchase. Suros’ valuers were able to value the Ferrari the day after the initial enquiry and the loan was granted the same day.
The term was for four months with the loan being repaid from the impending closure of a large business deal.
Ed Blackmore (pictured), Suros’ business development director, said: “Since we launched our business lending facility, we have seen a steady increase in enquiries from brokers looking for alternative short-term sources to the ones using bricks and mortar as security for a mortgage.
“Suros’ innovative use of luxury assets, like this Ferrari, as security means that in many cases, Suros can complete deals far faster and with the minimum of paperwork and no personal and business detail intrusion.”