Suros Capital has provided a fast funding solution for a client who needed a way to finance the refurbishment of their student flats.
The client, who bought the two student flats he wanted to renovate before letting them out, was unable to fund the renovation and had used up every available traditional source of borrowing.
His broker then introduced him to Suros Capital, the luxury asset-backed short-term lender, as he owned a jewellery collection, which included Cartier and Tiffany necklaces, watches and diamond bracelets, which Suros Capital could take as security for a short term loan.
“We were able to provide £85,000 secured against the jewellery collection”
Ed Blackmore, business development director at Suros Capital, said: “We were able to provide £85,000 secured against the jewellery collection.
“Thanks to the expertise of our in house appraisers we were able to finance the renovation within 24 hours of the enquiry and the client was able to move ahead with the work on the flats.
“By thinking outside the conventional lending box, our introducing broker was able to satisfy his client’s requirements of finding the finance to renovate the flats as well as earning a healthy fee for the introduction.
“Without Suros Capital, the client would have had no other avenue to explore and he would have lost income from being unable to let the properties until the renovations had taken place.”
The client is in the process of selling some vehicles in order to exit the Suros Capital loan.
