Suros Capital has provided a £200,000 short-term facility to the owner of a classic car portfolio, enabling him to raise working capital without selling a Ferrari 330GT in what is described as a flat sellers’ market.
The borrower, an experienced classic car collector and business owner, required funds to invest in his technology company and settle an outstanding tax bill.
He had considered disposing of one of the vehicles in his collection, but was concerned that a softening in classic car values since their 2022 peak could result in a discounted sale price.
Instead, he approached Suros Capital, which lends against luxury assets, to secure short-term funding against the Ferrari 330GT.
The lender said the full £200,000 was advanced within 72 hours of the initial enquiry and valuation. As the vehicle was already held in a specialist classic car storage facility, there was no requirement to relocate the asset as part of the transaction.
“With classic car values stabilising after the post pandemic surge, more collectors are choosing to unlock liquidity rather than sell into a softer market,” says Ray Palmer (pictured), director at Suros Capital.
“Short term lending secured against luxury vehicles is increasingly being used as a strategic tool, particularly by business owners who anticipate stronger exit conditions in the medium term.
“In this case, we were able to provide the necessary funding without the client having to sell his car. A real win:win scenario.”
