Suros Capital, the luxury asset-backed short-term lender, has completed a follow on loan of £800,000 in 24 hours for an existing customer, who used the same luxury asset as they had when taking out a short term loan in 2022.
In early 2022, the client was recommended to Suros Capital by a HNW broker for a loan of £735,000 on a six-month term to pay for the initial purchase and development of a commercial office block and the sum was secured against a classic Mercedes Benz, which was held in a professional storage facility.
The new loan of £800,000 was for the completion and final fit out of the commercial office development and was secured against the same car. Having already valued the Mercedes last year and knowing the car had increased in value, Suros was able to increase the loan amount.
Ed Blackmore (pictured), Suros’ business development director, said: “The value of the Mercedes car had risen, so we were able to increase the lending amount from £735K to £800K as most of the due diligence had already been done. We were also able to lend the money faster – in 24 hours rather than the usual 24 to 72 hours.
“Existing clients who offer us the same luxury asset as security for their next loan as they did for their first have an inbuilt advantage because we know the asset and have already assessed its provenance and value. That means our already fast service is even faster – in this case, the funds were available the following day after the enquiry was made.”