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)
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.
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.
“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.”
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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.
© 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: 88 Fleet Street, London EC4Y 1DH. VAT number: 238 8280 37.
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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.