AUCTION ACQUISITION

27th Sep, 2020 | Case Study

Channel: Auction House
Client: Antiques Collector, 53 years old, Surrey
Assets: Antiques worth £255,000
Loan: £140,250 (55% LTV)

BACKGROUND

Having secured the antiques at auction, the client had been given 7 days payment terms to complete the £255,000 purchase. The client approached the auction house to explain they needed to raise £140,250 to take ownership of the antiques.

OUR SOLUTION

The auction house introduced the client to Suros Capital as the client was prepared to finance the purchase and take ownership of the antiques at a later date when cashflow allowed. Suros Capital valued the antiques and agreed to advance £140,250; 55% of the hammer price. The client accepted the loan offer and the funds were transferred. Suros Capital took possession of the antiques from the auction house.

The client only required the funds for a short time whilst waiting on funds to be released from another sale and cleared the loan the following month.

INTRODUCER COMMENTS

“I am delighted with the refreshingly honest, open way in which Suros Capital goes about its business. Once I had made the initial enquiry, Suros Capital handled every aspect of the deal with the client, keeping me fully updated throughout. Their professionalism and discretion, along with the facility to lend quickly, were key reasons why the client used Suros Capital.”

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© 2020 Suros Capital – all rights reserved. Suros Capital is a trading name of Hopkins & Jones Limited who are authorised and regulated by the Financial Conduct Authority. Firm reference number 731198. Hopkins & Jones Limited is registered in England under company number 433606. Registered office: 88 Fleet Street, London EC4Y 1DH. VAT number: 238 8280 37.

 

 

© 2020 Suros Capital – all rights reserved. Suros Capital is a trading name of Hopkins & Jones Limited who are authorised and regulated by the Financial Conduct Authority. Firm reference number 731198. Hopkins & Jones Limited is registered in England under company number 433606. Registered office: 88 Fleet Street, London EC4Y 1DH. VAT number: 238 8280 37.