‘Luxury asset’ lender Suros Capital has announced its latest partnership with SME finance specialist, Funding Bay.

Based in London, Funding Bay has helped businesses across the UK raise over £100m in funding since 2017.

Charles Hodge (pictured), Suros Capital’s business development director, said: “We are delighted to form this alliance with Funding Bay. Our proposition offers another dimension to their portfolio of lending options for SME businesses.

“The ability to borrow against luxury assets such as classic cars, jewellery, fine art, watches, and fine wine is still underestimated. Funding Bay has recognised the value that Suros Capital can bring, particularly when property based lending is not an option.”

Joseph Babalola, Funding Bay’s director, added: “Suros Capital offers specialists like Funding Bay a unique facility that significantly broadens our ability to provide short term lending solutions for SME owners.

“As an industry, our focus is so much geared towards loans secured against property that we can become blinkered to other solutions.

“Suros Capital’s facility, secured by an alternative asset class, is fast and free of much of the paperwork normally associated with traditional borrowing because it simply requires valuation of the asset. Suros Capital’s offering is an invaluable addition to our inventory of funding options.”