Suros Capital has provided a £105,000 loan secured against a property developer’s collection of luxury watches to help fund a development in Spain.
The collection included Vacheron Constantin, Patek Philippe and Rolex watches.
The loan topped up an existing bridging facility after the developer, a UK citizen who moved to Spain last year, was unable to secure the extra funding needed for the project.
The developer’s UK-based financial adviser referred him to Suros Capital after discovering the client’s watch collection.
Suros Capital’s valuers assessed the value and provenance of the watches and approved the full amount required.
The loan was made within 48 hours of receiving the collection for appraisal.
Ray Palmer (pictured), director at Suros Capital, said: “Like many of our clients, this developer came to us because of the lack of suitable sources and because he could not wait any longer to find alternative sources.
“Because of his watch collection, our client had the kind of security Suros Capital is able to lend against.
“Apart from making sure they know about a client’s brick and mortar assets, advisers should check about their clients’ hidden assets such as gold, jewellery, fine art, or luxury and classic cars.
“In this case, the client was able to make use of his collection of watches.”
