Suros Capital doubles intermediary registrations

Since March, Suros Capital has seen the number of intermediaries registered on its base double to 2,000.

The lender — which has a current pipeline of introduced deals worth £6m — has also reported a 65% surge in enquiries from brokers during the past month.

One of the deals introduced by a mortgage adviser that Suros Capital completed was a £240,000 loan for a medical professional with business interests in private healthcare clinics, who required the funding 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.

The lender valued the collection at £345,000 and the whole transaction from enquiry to completion took 48 hours.

According to Ray Palmer, director at Suros Capital (pictured above), the growing popularity of its luxury asset-backed lending proposition is that brokers are seeing the lender as a genuine alternative to property-backed loans. 

“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.”

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