Commercial Finance
Suros partners with Funding Bay in intermediary sector
Suros Capital, a specialist lending company providing loans secured against luxury assets, has partnered with Funding Bay, a specialist in financing for SMEs.
Funding Bay, which is based in London, has helped businesses across the UK raise over £100m in funding since 2017.
Charles Hodge (pictured), business development director for Suros, said the partnership would offer another dimension to Funding Bay’s portfolio of lending options for SMEs.
Hodge said: “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, said: “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.
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“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.”