Suros Capital widens lending to companies

Limited companies in England and Wales will be able to borrow against luxury assets belonging to the business.

Suitable assets include fine art, watches, luxury and classic cars and fine wine collections.

Once the goods are assessed and valued, funding up to 70 per cent of the items’ value can be made available withing 24 hours.

Suros Capital’s business development director, Ed Blackmore (pictured), said: “2024 will be challenging for many businesses given the current economic situation. There is no doubt that raising money for expansion or consolidation will continue to be a challenge as banks scrutinise potential borrowers more stringently.

“Until now, making use of corporate luxury assets and leveraging their intrinsic value has been a lending facet that has been overlooked.”

He added, “Now, thanks to Suros Capital’s innovative approach, advisers and their corporate clients now have a funding source that is not subject to the normal vetting procedures such as company accounts, corporate credit checks or directors’ personal guarantees.

“We are sure that companies and their advisers will welcome this new additional source of funding from Suros Capital.”

Last year, the firm reported a 40 per cent increase in enquiries specifically regarding business purposes.

The firm also increased its maximum loan to value limits for lending against certain luxury assets like diamonds, jewellery and watches.

The company has also said it is targeting broker partnerships and partnered with Funding Bay in the intermediary sector.