A fine wine collector has secured a £125,000 top-up loan through Suros Capital to complete renovations on his property development, using part of his wine collection as collateral.
The client, who already had bridging finance in place, required additional funds but was unable to access further traditional borrowing.
Introduced by a bridging finance broker who had seen examples of asset-based lending via luxury items, the client was able to unlock funding by securing the loan against wines from notable vineyards including Romanee Conti, Petrus and Clos de Tart Grand Cru Monopole.
Ray Palmer, director at Suros Capital, said: “Here was a client with existing bridging finance, who needed further funding to complete renovations on his properties.
“Clearly, he was unable to access any further funding via traditional bridging channels but making use of his wine collection as collateral, Suros Capital was able to provide the full £125,000 he needed.
“Thanks to his collection of fine wine, the client was able to finance the funds he required, secured against part of that wine collection.”
The wine, stored in a bonded warehouse, was inspected and verified before Suros Capital completed the deal within 72 hours.
