8 hour property bridge from Suros Capital secured against watch and jewellery collection
Suros Capital, the luxury asset lender, has announced the completion of a short term bridging loan of £350,000 secured against a customer’s collection of watches and jewellery valued at £500,000.
The case was the second one for this client introduced by an intermediary specialising in development finance. The client needed the funds to complete a purchase to expand his property portfolio and decided that it would be easier and quicker to make use of his collection of watches and jewellery again.
The customer is expecting funds from an imminent property sale to exit the new bridge.
According to Suros Capital’s business development director, Charles Hodge, the decision to use existing luxury assets again to fund short term funding was an easy one.
He said, “The customer had been very complimentary about our service when he used our service before and decided to use us again because of his previous experience. Much of the collection of watches and jewellery were already known to us and had been valued only months before. It, therefore, took only eight hours to release funds after the initial request. For a developer like this, the ability to access funds within hours, simply and quickly, has got to be a hugely valuable benefit and through Suros Capital, we can make it happen.”