More brokers plug in to luxury asset secured bridging as funding uncertainty grows
Luxury asset short term lender, Suros Capital, is reporting increasingly buoyant new business with its loan book up over 200% year on year with significant growth in the last three months. The average loan size is now over £150,000.
In a breakdown of assets being used as security against a loan, Suros Capital reports that the current loan book comprises the following:-
|Art and Antiques||36%|
|Classic and Supercars||10%|
|Jewellery and Watches||29%|
Speaking about the figures, Ray Palmer, director at Suros Capital commented, “We are seeing greater interest in luxury asset lending for some very good reasons. Conventional short term bridging finance is being increasingly challenged by economic circumstances. Pricing is becoming more difficult and with living costs rising, affordability and property valuation are becoming a greater issue for conventional bricks and mortar property based lenders.
In turn, potential borrowers are seeing purchase opportunities pass them by as lenders apply more rigorous checks so that speedy completion are having to be sacrificed. At Suros Capital, our increasing popularity is based on a very simple proposition with a minimum of paperwork. Our focus is totally on the value of the asset being offered as security, so completion is only limited by the time it takes to make a valuation. Funding can be completed on the same day.
Therefore, I am delighted to report that our business levels are growing because lending against luxury assets offers an increasingly pragmatic solution as an alternative source of short term funding for all private and business purposes.”