Suros Capital, the luxury asset short term lender, has completed a loan worth £240,000 secured against a borrower’s watch collection.
Introduced by a mortgage adviser, his client, a medical professional with business interests in private healthcare clinics, required short term funding of £240,000 for a new venture. Until he disclosed the value of his watch collection to his adviser, he was unaware that he could use personal luxury assets as security for a loan.
Suros Capital valued the collection at £345,000 and the whole transaction, from enquiry to completion, took 48 hours.
The lender has also reported that the number of intermediaries now registered has doubled to 2000 since March. The lender which has a current immediate pipeline of introduced deals worth £6 million, has also seen a 65% increase in enquiries from introducers in the past month.
Ray Palmer (pictured), director at Suros Capital, said: “Financial advisers recognise that even those who would be considered as well off, can be cash poor yet asset rich. The need for immediate cash injections to fund or finish financial projects, pay tax bills, school fees or just complete a must have purchase can come at any time.
“Raising finance against property can also not be as fast, convenient or discreet and with more potential customers renting rather than owning their homes, that option is just not there.
“At Suros Capital, we are urging financial advisers not to limit their fact finding when talking to clients. The more information that can be gathered by an adviser, particularly about personal assets, the more choice there will be for funding options, like this recent one which completed earlier this month.”