Funds secured against gold coins collection
Luxury asset lender Suros Capital has successfully helped a London-based property developer top up the short-term funding for a property project by advancing funds secured against a collection of gold coins.
The client needed a further £200,000 to develop the property he had bought with the help of a standard bridging loan but was unable to borrow more against the property to complete the project.
The borrower was referred to Suros Capital by a specialist HNW property bridging broker, who had noted his client had a collection of gold coins. After examination of the coins, Suros was able to offer 70% of their £285,000 value.
The whole deal from enquiry to completion took less than 24 hours. The loan will be redeemed on the sale of the redeveloped property.
Suros Capital director Ray Palmer noted that the deal might never have happened if the adviser had not asked his client about other assets he possessed when doing his initial fact-find.
“I would urge all advisers to drill down into their clients’ circumstances, you won’t know what assets they might have which could make the difference between being able to fund a project or purchase a particular item or service,” Palmer said.
“In this case, because of the diligence of the adviser, his client was able to take advantage of their value to realise his goal of completing his development project within 24 hours of application,” he added.
