Suros Capital says that brokers are unwittingly missing sales opportunities
Suros Capital, the short term luxury asset lender, believes that advisers are missing out on potential deals because they are not asking clients about their assets when undertaking fact finds.
Recent research among mortgage brokers and other advisers by Suros Capital has shown that many brokers don’t ask clients about their assets, other than their bricks and mortar property and bank accounts.
According to Ray Palmer
, director at Suros Capital, advisers are not asking clients the extra questions that can lead to uncovering resources that could act as security for a loan.
He said, “ Clients looking for short term funding won’t immediately think about the value in the assets that they might own, such as jewellery, fine art, watches or upmarket cars for example. It is vital to get a full picture of a client’s financial situation and that should include assets that could be used to back a loan.
Ray continued, “Unfortunately many advisers do not ask. One of the main reasons is a reluctance to engage clients over what they consider as private and not part of a lending transaction. However, I would urge advisers to rethink the importance of getting a full picture of a client’s assets. You never know when having that knowledge might make the difference between being able to obtain finance because you have made your client aware of using a luxury item as security.”