Suros Capital has provided a £66,000 loan to a property developer, secured against his Porsche 911.
The client bought a property at auction, but had used the funds originally put aside for it on another property development.
The case was introduced to Suros Capital to see whether the company would lend the money required to work on the new property against his sports car.
Having assessed and valued the car, Suros Capital provided the £66,000 facility at 60% LTV and an interest rate of 3% per month on a six-month term.
From first enquiry to funds, drawdown took 72 hours.
The funds are expected to be repaid to Suros Capital from the profit gained from the imminent sale of another recently developed property.
The intermediary earned 2.5% of the loan value.
Ray Palmer, director at Suros Capital (pictured above), 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.”