Suros Capital achieves its first partner objective
The luxury asset-backed lender, Suros Capital, has achieved its first goal of enrolling 1,000 partner advisers to its proposal.
The supplier’s short-term loans are secured by alternative assets such as classic cars, jewelry, works of art, watches and fine wines.
Ray Palmer (pictured), director of Soros Capital, believes that its success in recruiting its first 1,000 potential introducers so quickly is due to the mid-sector wanting to explore alternative sources of funding when clients cannot use the sources of traditional financing.
He said: “There was a time when bridges and short-term loans were synonymous with quick completions and there are still cases where the planets line up for accessibility and credit checks, the Property appraisal and the legal process proceed quickly.
“However, for many clients who need quick access to financing or have complex financial arrangements that require a heavier burden of proof in today’s regulated world, traditional sources of short-term financing do not. are not flexible or fast enough. As a result, their advisors are keen to explore alternative sources, like Suros, and can earn up to 2.5% of the gross loan amount for transactions completed at this time.
“People with high-end assets can use them as collateral against a Suros loan without the need for affordability tests, credit checks or excessive paperwork. Once an asset has been valued by us funding is as fast as the client wants and with the asset in our system additional funding can be released on the same day.