Suros Capital seeks to plug property-backed funding gaps

Luxury asset lender Suros Capital is looking to help fill the gaps in the property-backed lending market and grow its loan book this year.

The short-term lender officially launched in November 2020 with backing from institutional asset manager Crestline Investors, Inc, and Borro founder Paul Aitken.

It lends to people across the UK who are looking to raise money quickly, and will provide short-term lending facilities secured against luxury assets, including jewellery, fine art, watches, luxury and classic cars, and fine wine.

The business reported that new enquiries had surpassed expectations by mid-December, with over 200 intermediaries having signed introducer agreements and the pipeline already in excess of £10m at the time.

While an enquiry about a $13m art collection was a little too “rich” for the lender, one recent case included a £100,000 loan against a £175,000 ring, and director Ray Palmer (featured in the video, above) divulged that Suros was looking at a deal against a £1m Lamborghini.

Ray told B&C that it hopes to take on more account managers and BDMs to widen its reach and build a loan book of up to £5m this year.

B&C asked why specialist finance brokers should consider having Suros Capital as part of their toolkit of financial solutions alongside property-backed bridging lenders.

“There’s been a long history of people building up asset wealth over time, but [who are] not necessarily cash rich,” Ray said. “So, to be able to leverage those assets is a clear USP for us.”

He added that the property industry was still “very buoyant” but pointed out that valuations and pricing is changing frequently, meaning deals sometimes don’t get closed due to funding shortfalls.

He thinks that this may present Suros with an opportunity to work with brokers to help plug these gaps.

He referenced the end of the stamp duty holiday and that those who haven’t factored it into their calculations could have “another hurdle” to overcome, which Ray thinks the lender could assist with.

“We are backed by some great investors who have got a good appetite to lend,” he added.

The full interview can be watched, below.

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