Suros Capital, which lends against luxury assets, has seen a 36% increase in enquiries since Christmas from financial advisers seeking urgent funding solutions for clients with unexpected tax demands or cash flow issues.
Ed Blackmore (pictured), business development director at Suros Capital, said: “At this time of year, we see a significant increase in the number of cases seeking temporary short-term funding for income tax demands.
“Every year, the number of enquiries increases as advisers are recognising the value of having a lender who can lend against a luxury asset within 24 to 48 hours of enquiry. The completion time is just dependent on how quickly we can assess the luxury asset.”
One case highlights the swift action taken by Suros: A small business owner, also a part-time property developer, was facing an unexpected tax bill of £47,000 due by January 31st, largely due to variable business revenues affected by the Covid pandemic and the subsequent recovery.
With a Banksy artwork in their possession, Suros Capital was able to provide the full amount needed within 48 hours of the enquiry, under a four-month loan agreement, enabling the client to settle their tax obligations promptly.
