SME owner uses watch collection for immediate loan

12th May, 2021 | Press Coverage

This article was first published in Business Money and Best Advice.

Suros Capital, the alternative security short term lender, has provided an £81600 loan to an existing customer and SME owner secured against his luxury watch collection.

The client was seeking short term funds to cover an immediate working capital shortfall and had cleared funds in his bank on the same day that he applied, having been an existing customer.

The client was able to bring his watch collection into Suros’ London office and because it had already been valued and inspected and used as security for a previous short term loan, the funds were transferred immediately before the client left Suros’ office.

Suros released £81600 based on a valuation of the watch collection of £120000 (68% LTV). The collection included a Rolex Daytona, a Submariner and a Patek Philippe Grand Complications. The loan will be redeemed within three to four weeks when a big contract is signed. The rate of interest is 3% pm.

Ray Palmer, director of Suros Capital commented, “This loan highlights two main advantages of using personal assets as security for short term loans. Firstly, we can lend over very short periods, but the term can be extended to suit the client. Secondly, once we have valued an asset or assets in the past, as in this case, the deal can literally be done within a few hours and becomes a valuable resource as security for any future loans.”

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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.