Financing an art gallery owner’s stock purchase
Channel: Commercial Finance Broker
Client: Gallery owner, 49 years old, London
Assets: Fine art collection worth £185,000
Loan: £120,250 (65% LTV)
BACKGROUND
The client, who owns an art gallery, was keen to buy new works and needed to move quickly to secure them, requiring a short term loan to make the purchase. Having approached a commercial finance broker, it was acknowledged that conventional finance was inappropriate because of the need to complete the purchase within a number of days.
OUR SOLUTION
The commercial finance broker contacted Suros Capital, whose team called the client directly. The client decided to put up part of his fine art collection as security for the loan, which would be repaid within a couple of months once other works had been sold in the normal course of business within the gallery.
Having been sent a list of the artworks, Suros Capital was able to agree a loan in principle based on 65% of their value. Once the client was in agreement, an appraisal was made and the full loan was agreed. From enquiry to cleared funds in three working days.
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 went ahead.”
RELATED POSTS
The Growth of Fine Art Secured Lending
The Growth of Fine Art Secured LendingAccording to Deloitte’s 2019 Art & Finance Report, the...
Aston Martin Used to Solve Short Term Liquidity Challenge
Aston Martin Used to Solve Short Term Liquidity ChallengeChannel: Mortgage BrokerClient: Parent,...
Fine Wine Used to Fund a Business Opportunity
Fine Wine Used to Fund a Business OpportunityChannel: Business Finance ConsultantClient:...
CONTACT US
Our Business Development team is available to help with your enquiries.
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.
Official Finance Partner of the Aston Martin Owners Club
© 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. Hopkins & Jones Limited is registered in England under company number 433606. Registered office: 127 Victoria Street, London SW1E 6RD. VAT number: 238 8280 37.
Official Finance Partner of the Aston Martin Owners Club
© 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: 127 Victoria Street, London SW1E 6RD. VAT number: 238 8280 37.