Funding Bay Blog

Partner in Focus: Suros Capital

Funding Bay has partnerships with a host of practices that can benefit our clients.  As part of the FundedClub we aim to create and foster a network between partners and clients alike. Funding Bay champions SME development, and by sharing our network with you, we can create an SME hub so that our clients can continue to grow and develop. We want to be more than just simply a funding solution, but a holistic service and guide for your business.

Today, we hear from Suros Capital.

Can you tell us a bit about Suros Capital?

Suros Capital is a specialist short-term lender that provides discreet bridge loans secured against luxury assets. We lend against luxury assets, including fine art, luxury watches, jewellery, classic cars, and fine wine.

Our typical client is small business owners (usually high net worth individuals) who own luxury assets and have personal or business-related liquidity challenges. We also offer a bespoke business lending product for companies in the luxury asset industry, such as fine art galleries, jewellery retailers, and watch dealers.

The loan value is determined by the value of the luxury assets being used as security. We usually lend up to 70% against the value of the luxury assets for a period of 3 to 24 months, though our average loan term is six months. Loans from £20,000 up to £2,000,000 are available.

Who is it that you can help the most?

The clients who we help are luxury asset owners who require immediate access to capital. For example, two of the most common use cases for luxury asset loans are bridging finance for property developers and tax bill loans for small business owners.

We helped a lawyer meet an urgent SME tax bill deadline by providing £360,000 funding secured against their luxury watch collection. The client needed to settle a tax bill payment within two days, or they would be hit with harsh fines. Once the client was referred to us, our specialists valued the lawyer’s watch collection and provided financing the same day.

We provided a property developer with a £66,000 loan secured against their Porsche 911 so they could complete renovation works on a property bought at auction. The client had planned to use the funds from the sale of another property to fund the renovation, though a delay in the sale process meant the client required short-term funding to prevent a setback in the renovation project.

What is the cost of your product?

Our loan costs vary considerably depending on the complexity of the deal, specifically the luxury assets being used as security. However, our fees/charges are most comparable with short-term property bridging lenders.

 Why are you different from your competitors?

Between 2010 and 2020, the group that Suros Capital is part of has lent over £150m secured against luxury assets. We are also financially backed by a leading US alternative asset manager and have a senior management team who are highly experienced in the bridging finance industry.

The main advantage of our bridging loans over other luxury asset lenders and property bridging lenders is our streamlined loan underwriting process which means we can fund loans in as little as 24 hours. In addition, there is minimal paperwork with our loans, no credit checks or affordability assessments.

There is a perception that other luxury asset and property bridging lenders can provide funding in the same timeframe. However, this is extremely rare due to the funding limitations of other luxury asset lenders and the paperwork and background checks required by property bridging lenders.

Do you have a special offer for the Funding Bay FundedClub?

Suros Capital will offer Funding Bay clients one-month interest-free on their first loan.

Visit our website or contact Funding Bay to find out more about our products.

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