JEWELLERY USED TO COMPLETE PROPERTY TRANSACTION
Client: Property developer, 41 years old, Kent
Assets: Diamond ring and bracelet worth £82,850
Loan: £57,995 (70% LTV)
The client put in an offer on a buy to let property and arranged a mortgage, which had been agreed in principle. When the lender decided, due to the amount of work needed on the property, to reduce the original agreed mortgage amount by £57,995, the client had very little time to find the extra money and faced losing the property as well as the money spent on surveys and legal costs. Although unable to raise money from other sources in the limited timeframe, the client owned a diamond ring and bracelet.
Thanks to a personal recommendation, the client contacted Suros Capital directly and elected to take the jewellery into Suros Capital’s London office. The jewellery was valued while the client waited and the sum of £57,995 was cleared to their account in the afternoon of the same day.
“I am delighted with the service I received from Suros Capital. I would never consider selling the jewellery, which has particular family significance. However, being able to use it as security for a loan and to draw down funds when they are really needed is a huge benefit. In this case, it provided an immediate solution to a funding shortfall for our new investment property.”
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We are a specialist lending company providing loans secured against luxury assets. The group we are part of has lent over £200 million against luxury assets since 2010, and we are funded by Crestline Investors, Inc.(‘Crestline’), an institutional alternative asset manager.
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© 2023 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. www.suroscapital.co.uk is a site operated by Hopkins & Jones Limited, registered in England under company number 433606. Registered office: 88 Fleet Street, London EC4Y 1DH. VAT number: 238 8280 37.