Suros Capital provides loan against property developer’s Porsche

29th Apr, 2021 | Classic Cars, Press Coverage

This article was first published in Development Finance Today, Specialist Finance Introducer and Best Advice.

Suros Capital has provided a £66,000 loan to a property developer, secured against his Porsche 911.

The client bought a property at auction, but had used the funds originally put aside for it on another property development.

The case was introduced to Suros Capital to see whether the company would lend the money required to work on the new property against his sports car.

Having assessed and valued the car, Suros Capital provided the £66,000 facility at 60% LTV and an interest rate of 3% per month on a six-month term.

From first enquiry to funds, drawdown took 72 hours.

The funds are expected to be repaid to Suros Capital from the profit gained from the imminent sale of another recently developed property.

The intermediary earned 2.5% of the loan value.

Ray Palmer, director at Suros Capital, said: “I think this deal demonstrates beyond doubt the value to bridging advisers of having a funding source not tied to a set formula of processing checks and balances, but can simply assess luxury items, like this Porsche, and offer funding pretty well instantly.”

 

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© 2021 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.