Suros Capital, the luxury asset backed short term lender, will now lend to companies in addition to its existing service for individuals.
Limited companies in England and Wales will now be able to borrow against luxury assets belonging to the business, in exactly the same way as individuals currently do.
Suitable assets such as fine art, watches, luxury and classic cars, and fine wine collections are the most likely items that companies could use to raise short-term capital.
Once the luxury goods have been assessed and valued, funding of up to 70% of the items’ value can be made available within 24 hours.
Ed Blackmore (pictured), Suros Capital’s business development director, said: “2024 will be challenging for many businesses given the current economic situation.
“There is no doubt that raising money for expansion or consolidation will continue to be a challenge as banks scrutinise potential borrowers more stringently.
“Until now, making use of corporate luxury assets and leveraging their intrinsic value has been a lending facet that has been overlooked.”
He added: “Now, thanks to Suros Capital’s innovative approach, advisers and their corporate clients now have a funding source that is not subject to the normal vetting procedures such as company accounts, corporate credit checks or directors’ personal guarantees.
“We are sure that companies and their advisers will welcome this new additional source of funding from Suros Capital.”
