Luxury asset lender, Suros Capital, has provided an immediate loan to a restaurant owner secured against the client’s gold sovereign collection.
The client needed short term funds to make repairs to his restaurant and continue to pay staff wages during the renovations.
Although an insurance claim is due to pay out within three months, the client required immediate funding as short term cashflow had been severely curtailed due to the need to make repairs.
Suros Capital was able to provide £135,000 within 24 hours of application in order that the works could go ahead immediately.
Without recourse to other forms of finance because of the time factor, it was vital that a solution was found that allowed the repairs to go ahead and the client could continue to pay staff that he valued highly.
The client’s gold sovereign collection was valued and accepted as security. Cleared funds were in the client’s account within 24 hours.
Ray Palmer, director of Suros Capital, commented: “Here is another example of Suros’ ability to fund business owners who need money quickly but have been unable to raise capital from other sources because of time restraints or lack of other security.
“The client’s gold sovereign collection is a perfect example of the kind of luxury asset that we can lend against.
“More brokers should think outside the narrow parameters of conventional security and embrace the short term lending possibilities offered by Suros Capital.”
