The client was desperate to conclude a property purchase which had a fixed completion date and had been let down by the original lender’s insistence on providing additional income information.
As a last resort, he’d put a contemporary artwork into auction but because the next specialist auction was not scheduled for another three months, the only realistic option was to borrow against the artwork and hope that Suros Capital could complete the transaction within the time limit set by the property seller.
Making use of its ‘Advance’ product, which is designed to provide immediate funding for those looking to sell luxury assets at a future auction, Suros Capital advanced £450,000 against the agreed painting valuation.
Ed Blackmore, Business Development Director at Suros Capital, said: “This case proves that advisers shouldn’t give up if conventional sources of funding prove to be inadequate. Once our introducer realised that the client had artwork that he was trying to sell, one call to Suros Capital opened up the path to a solution that meant that his property purchase went ahead whilst also keeping control over the sale of his artwork.”
