Suros Capital fills the property development funding gap
Luxury asset lender, Suros Capital has successfully helped a London based property developer by advancing funds secured against a collection of gold coins, to top up the short term funding for a property project.
The client needed a further £200,000 to develop the property he had bought with the help of a standard bridging loan but was unable to borrow more against the property to complete the project.
He was referred to Suros Capital by a specialist HNW property bridging broker, who, on the factfind had noted his client had a collection of gold coins. Suros was able, on examination of the coins, to offer 70% of their £285,000 value – £200,000.
Because the client was able to bring his coin collection into Suros Capital’s London office for appraisal, the whole deal from enquiry to completion took less than 24 hours. The loan will be redeemed on the sale of the redeveloped property.
Talking about the transaction, director Ray Palmer, said, “This deal might never have happened if the adviser had not asked his client about other assets he possessed when doing his initial factfind. The gold coins have proved to not only be a great investment but as security for a loan they have been invaluable.
I would urge all advisers to drill down into their clients’ circumstances, you won’t know what assets they might have which could make the difference between being able to fund a project or purchase a particular item or service. In this case, because of the diligence of the adviser, his client was able to take advantage of their value to realise his goal of completing his development project within 24 hours of application.”
