Suros Capital, the short term luxury asset lender, has agreed a £100,000 loan for a solicitor client who wanted to buy into a new law practice.
The loan, which was secured against part of the client’s luxury watch collection, was arranged by Riqueza Business Solutions on behalf of the client.
After exhausting all conventional lending solutions due to time constraints, Carl Oates, Riqueza’s owner, contacted Suros Capital which was able to advance £100,000 on the same day that the watches were appraised and valued by their specialists.
Oates said: “Suros Capital was able to respond to our request very quickly and having seen the watches, acted immediately to release the funds needed. The client’s watch collection goes into secure storage with Suros Capital until the loan is repaid in full.
“Although much of our business is done through lending on bricks and mortar, there are cases like this one, that require immediate funding and therefore a different mindset that allows for other assets to act as security for a loan.
“Suros Capital is totally focused on providing a dynamic service that really works for brokers like us and our clients, and we were delighted with their response.”
Ed Blackmore, business development director at Suros Capital, added: “This deal highlights what can be achieved when you work with a lender like Suros Capital that concentrates on providing a service with the minimum of paperwork and invasive personal questions about clients’ financial status. We just require luxury assets, like these watches, to act as security for the loans we make. It is that simple.”
