The developer bought a property at auction, but had used the funds originally put aside on another property development.
Suros Capital has provided a £66,000 loan to a property developer secured against his Porsche 911.
The developer bought a property at auction, but had used the funds originally put aside on another property development.
Having assessed and valued the car, the lender was able to release £66,000, 60% loan-to-value (LTV) to the client.
From first enquiry to funds drawdown took just 72 hours and the rate of interest was set at 3% pm.
The funds will be repaid to Suros from the profit gained from the imminent sale of another recently developed property.
Ray Palmer, director of Suros Capital, said: “I think this deal demonstrates beyond doubt the value to bridging advisers of having a funding source not tied to a set formula of processing checks and balances but can simply assess luxury items, like this Porsche, and offer funding pretty well instantly.”
