Suros Capital’s new short-term business finance facility, launched in January, has successfully funded a £235,000 loan within 72 hours for a client in the South East.
The client, an SME business owner, needed the sum to expand into new office premises and was concerned about delays in securing a conventional loan.
The client’s broker suggested Suros Capital, known for lending against luxury goods. The client used a Ferrari Spider sports car as collateral for the loan. Suros’ valuers assessed the Ferrari the day after the enquiry, and the loan was approved on the same day.
The loan term was for four months, with repayment planned from the closure of a large business deal.
Ed Blackmore, Suros’ business development director, said: “Since we launched our business lending facility, we have seen a steady increase in enquiries from brokers looking for alternative short-term sources to the ones using bricks and mortar as security for a mortgage.
“Suros’ innovative use of luxury assets, like this Ferrari, as security means that in many cases, Suros can complete deals far faster and with the minimum of paperwork and no personal and business detail intrusion.”
