Short-term specialist lender, Suros Capital, has reported increasing interest from intermediaries for its luxury asset secured lending.

The firm currently has a pipeline of £12m with 50% of its business coming from IFAs and private client groups.

Suros also revealed that 30% of its business is coming from property brokers and packagers, while the remaining 20% is coming from luxury asset specialists.

The firm suggested that more brokers of high net-worth (HNW) clients have recognised where the Suros proposition can fit into the services they can offer clients.

According to Suros director, Ray Palmer, short-term lending is a “cut-throat market” with so much competition that brokers have been “spoilt for choice”.

“That all changed as interest rates really accelerated,” he said. “Along with the tightening of standard lending criteria among conventional bridging firms made our proposition more attractive, as we were not affected by the changes in borrowing costs.”

Palmer added: “Luxury asset lending is definitely becoming better known and understood by advisers of all types. Because of our focus on the value of the asset, minimal paperwork and lack of personal intrusion in respect of income or credit checking, completions are taking place in some cases on the same day as an enquiry is made.

“Whilst it is unlikely to become a major force in the bridging and short term lending market, what it does is provide an extremely useful alternative funding source for those clients who have assets other than property, which they can monetise to act as security against a short term loan.”

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