"We see a growing demand to raise capital quickly with the minimum of fuss that allows people to make use of their luxury assets as collateral for a loan."
Servicing the whole of the UK from its central London base, Suros Capital is also backed by Paul Aitken, founder of Borro, and will lend exclusively via intermediaries.
Suros Capital’s director, Ray Palmer, said: “We see a growing demand to raise capital quickly with the minimum of fuss that allows people to make use of their luxury assets as collateral for a loan. Once Suros’ appraisers have valued the asset(s), an agreement is generated and once signed, funds are released. Most cases complete in less than 72 hours from first contact.
“The intermediary, having made their recommendation based on their clients’ needs, refers them to us and we handle the whole process. There is a minimum of paperwork, no need for affordability or credit checks, various loan servicing methods are available, while the asset security is insured and securely held until repayment of the loan. It is the simplest transaction for intermediaries and their clients. The new lockdown is likely to further restrict conventional borrowing to raise capital, so we believe that our proposition will have even more appeal to advisers, whose customers need fast short-term finance with the minimum of fuss.”
Russell Martin, managing director of Finance 4 Business, commented: “Suros Capital provides a unique funding solution for borrowers which can be easily accessed through intermediaries and does exactly what it says on the tin. Fast, short-term finance with minimal paperwork for those who require funds quickly and can make use of the equity locked up in their luxury assets. This has important applications for both businesses and individuals, where the key requirement is for speed and convenience without the need to sell assets or wait for funding secured against bricks and mortar. I have worked closely with Paul and Ray before and look forward to doing so again.”
Paul Aitken added: “This is one of a number of financial services and fintech ventures with which I am currently involved, and I will be providing support and advice to Suros when required. With Borro’s exit from the UK market in early 2019, the need for an alternative source of borrowing, not reliant on bricks and mortar, is today stronger than ever. Borro lent about £220 million secured by luxury assets between 2012 and 2017 and generated annual returns after losses of about 35% and I am confident that Suros Capital can fill a similar need for simple, fast finance.”
