Suros Capital sees registered intermediary base double since March
Suros Capital, the luxury asset short term lender, has reported that the number of intermediaries now registered has doubled to 2000 since March. The lender which has a current immediate pipeline of introduced deals worth £6 million, has also seen a 65% increase in enquiries from introducers in the past month.
According to director, Ray Palmer, the main reason for Suros Capital’s growing popularity is that brokers are seeing the lender as a genuine alternative to property backed loans. Suros gives customers and their advisers the ability to put luxury assets to work as security for short term financing, instead of relying on property.
He said, “Financial advisers recognise that even those who would be considered as well off, can be cash poor yet asset rich. The need for immediate cash injections to fund or finish financial projects, pay tax bills, school fees or just complete a must have purchase can come at any time. Raising finance against property can also not be as fast, convenient or discreet and with more potential customers renting rather than owning their homes, that option is just not there.
At Suros Capital, we are urging financial advisers not to limit their fact finding when talking to clients. The more information that can be gathered by an adviser, particularly about personal assets, the more choice there will be for funding options, like this recent one which completed earlier this month.”
Introduced by a mortgage adviser, his client, a medical professional with business interests in private healthcare clinics, required short term funding of £240,000 for a new venture. Until he disclosed the value of his watch collection to his adviser, he was unaware that he could use personal luxury assets as security for a loan.
Suros Capital valued the collection at £345,000 and the whole transaction, from enquiry to completion, took 48 hours.
