Suros Capital reports pipeline in excess of £10m
Suros Capital has reported that new business enquiries have surpassed expectations.
The luxury asset lender reported that more than 200 intermediaries have signed introducer agreements, and its pipeline of enquiries is already in excess of £10m.
Furthemore, the lender has completed its first official loan of £100,000 secured against a client’s diamond ring.
The purpose of the loan was to help fund a property deal, which had been repriced.
With no alternative source of funding able to respond fast enough, the client’s adviser approached Suros Capital and funds were released as soon as the ring had been appraised by Suros’ specialists.
Ray Palmer, director of Suros Capital, said: “We have had a great response from the adviser sector in the short period of time since we launched.
“From the feedback received so far, brokers can see that luxury asset finance gives them a unique short term capital raising tool, that is fast, completely reliable and not subject to the paperwork that surrounds lending secured against bricks and mortar.
“Just to demonstrate the variety of assets we are currently being offered, there is artwork from Banksy, an Old Master painting, a Bentley Continental Type-R, a rare limited edition ’80s Porsche and a brand new Lamborghini 4×4 to name just a few examples.
“It is clear from the feedback we have had that there is a dynamic niche for Suros Capital’s luxury asset lending facility in the short term lending market and we look forward to solving funding needs for clients who need access to immediate finance for any purpose and have assets against which we can lend.”