Suros Capital, the luxury asset-backed short-term lender, has swiftly completed a follow-on loan of £800,000 within 24 hours for a returning customer, leveraging the same luxury asset used in a previous transaction.
Initially, the customer secured a £735,000 loan for the purchase and development of a commercial office block, using a classic Mercedes Benz as collateral.
Due to a rise in the vehicle’s value and pre-existing due diligence from the initial loan in early 2022, Suros Capital could expedite the process, increasing the loan amount for the completion and final fitting of the commercial development.
Ed Blackmore (pictured), business development director at Suros Capital, noted the advantage of reusing the same asset for securing subsequent loans, citing the prior evaluation and familiarity with the asset as factors contributing to the expedited service.
“Existing clients who offer us the same luxury asset as security for their next loan as they did for their first have an inbuilt advantage because we know the asset and have already assessed its provenance and value.
“That means our already fast service is even faster – in this case, the funds were available the following day after the enquiry was made,” Blackmore explained.
