Brokers urged to tap into fast-growing alternative finance market
Specialist lender Suros Capital has announced a 3% commission offer for brokers on all loans secured against luxury assets which complete before the end of March 2024.
The commission boost represents a 2% increase from the standard commission rate and aims to incentivise brokers to explore alternative funding solutions for their clients.
Ray Palmer (pictured), director at Suros Capital, highlighted the benefits of the enhanced commission scheme, noting its potential to assist brokers in meeting the needs of clients requiring fast, short-term funding.
“The enhanced commission deal is an added incentive to introducers to help them spotlight clients who need immediate short-term funding for any purpose, but where conventional borrowing is not quick enough,” Palmer said.
Suros Capital specialises in loans secured against luxury assets, including jewellery, fine art, watches, luxury and classic cars, and fine wine. According to Palmer, the firm offers a streamlined process that allows funds to be released within days, bypassing the traditional need for solicitors and surveyors.
“If clients are in possession of luxury assets, we can lend against those assets within days rather than months with the minimum of paperwork,” he explained.
Palmer also encouraged brokers to consider the untapped potential in this sector, citing that up to 80% of wealthy clients possess suitable assets for such loans.
“We want every broker to be more aware of the opportunities for clients whose liquid resources are tied up but have assets which can be used to secure a loan from us,” he said.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
