Luxury asset backed lender, Suros Capital, has hit its first goal of signing up 1,000 adviser partners to its proposition.
The short-term provider’s loans are secured against alternative assets such as classic cars, jewellery, fine art, watches and fine wine.
Ray Palmer (pictured), Soros Capital’s director, believes that its success in signing up its first 1,000 potential introducers so quickly is because the intermediary sector is keen to explore alternative funding sources where clients are unable to use traditional funding sources.
He said: “There was a time when bridging and short term lending were bywords for fast completions and there are still cases where the planets align for affordability and credit checks, property valuation and legal process to take place quickly.
“However, for many clients who need access to funding quickly or have complex financial arrangements that require a greater burden of proof in today’s regulated world, traditional short term funding sources are not flexible or fast enough. As a result, their advisers are keen to explore alternative sources, like Suros and can earn up to 2.5% of the gross loan amount for completed transactions at this time.
“Individuals with high end assets can utilise them as security against a Suros loan without the need for affordability tests, credit checks or excessive paperwork. Once an asset has been valued by us, funding is as fast as the client wishes and with the asset in our system, further funding can be released on the same day.”