Luxury asset short-term lender, Suros Capital, has reportedly been seeing an increase in buoyant new business with its loan book now up over 200% year-on-year with substantial growth in the last three months.

The average loan size is now over £150,000.

Speaking about the figures, Ray Palmer, director of Suros Capital commented, “We are seeing greater interest in luxury asset lending for some very good reasons. Conventional short-term bridging finance is being increasingly challenged by economic circumstances. Pricing is becoming more difficult and with living costs rising, affordability and property valuation are becoming a greater issue for conventional bricks and mortar property-based lenders.”

A broker’s dream

In turn, potential borrowers are experiencing purchase opportunities pass them by as lenders apply more rigorous checks so that speedy completions are having to be sacrificed.

At Suros Capital, their increasing popularity is based on a simple proposition with minimum paperwork at the forefront.

Their focus is totally on the value of the asset being offered as security, so completion is only limited by the time it takes to make a valuation.

Best of all, funding can be completed on the same day.

Palmer concluded: “I am delighted to report that our business levels are growing because lending against luxury assets offers an increasingly pragmatic solution as an alternative source of short-term funding for all private and business purposes.”