Suros Capital tells advisers to broaden client assessments to unlock alternative lending options
A lack of attention to clients’ luxury assets is causing some advisers to miss potential lending opportunities, according to short-term asset-based lender Suros Capital.
Recent research by the firm has shown that many mortgage brokers and financial advisers fail to explore assets beyond property and savings when conducting client fact finds. Suros Capital said this gap may limit access to finance solutions that use high-value personal items as collateral.
Ray Palmer (pictured), director at Suros Capital, said advisers often overlook alternative assets that could help secure loans.
“Clients looking for short term funding won’t immediately think about the value in the assets that they might own,” he said. “It is vital to get a full picture of a client’s financial situation and that should include assets that could be used to back a loan.
“Unfortunately, many advisers do not ask. One of the main reasons is a reluctance to engage clients over what they consider as private and not part of a lending transaction. However, I would urge advisers to rethink the importance of getting a full picture of a client’s assets. You never know when having that knowledge might make the difference between being able to obtain finance because you have made your client aware of using a luxury item as security.”
Suros Capital offers short-term loans secured against high-end goods, including rare watches, classic cars, fine wine and other collectibles. The company promotes a fast-track process, claiming that it can issue funds within days without the involvement of solicitors or surveyors.
Palmer reiterated that brokers should be more aware of the opportunities available for clients whose wealth is held in assets rather than cash, estimating that up to 80% of affluent individuals hold items that could support such financing.
“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.
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