Private asset loans on the rise, says Suros Capital
Suros Capital, a luxury asset lender specialising in short-term loans, has witnessed a 40% increase in enquiries for business-related purposes this year.
The firm highlighted several cases that underscore the flexibility and efficiency of asset-backed lending.
Among the notable transactions, a solicitor utilised a collection of watches as collateral to secure a £100,000 loan, aiding in buying into a legal partnership.
Similarly, an entrepreneur, aiming to invest in the hospitality industry, raised £315,000 against a prized watch collection that boasted prestigious brands such as Rolex, Patek Philippe, Franck Muller, and Panerai.
Furthermore, a wine merchant and aficionado secured a loan of £100,000, leveraging a portion of his wine collection.
The collection featured esteemed bottles, such as the Petrus 1982, valued at £42,000 a case, and the Romanee-Conti 1990, with an individual bottle value of £16,000. These wines are currently stored in a UK-based bond facility.
Ed Blackmore (pictured), business development director at Suros Capital, said: “These transactions underscore the potential when collaborating with a lender like Suros Capital. We pride ourselves on minimising paperwork and avoiding probing personal financial questions.”
He added: “Luxury assets often carry more than just sentimental value for their owners. Their monetary significance can be rapidly harnessed to cater to diverse needs, especially when swift and discreet short-term borrowing is the order of the day.
“Our only stipulation is that these luxury assets, be it watches or fine wines, serve as collateral for the loans we offer. It’s truly that straightforward.”