Ray Palmer

Paul Aitken and alternative asset manager back new short-term lender Suros Capital




New short-term lender Suros Capital has officially launched today (10th November) with backing from institutional alternative asset manager Crestline Investors, Inc, and Borro founder Paul Aitken.

The London-based lender aims to focus on people across the UK who are looking to raise money quickly, and will provide short-term lending facilities secured against luxury assets, including jewellery, fine art, watches, luxury and classic cars, and fine wine.

The specialist lending business — which offers luxury asset bridging loans, sales advance finance, and auction acquisition funding, is headed up by director Ray Palmer (pictured below), who had worked at Borro in a number of roles, including UK operations director.


Ray Palmer, director at Suros Capital

Commenting on the market opportunity and his ongoing role with Suros Capital, Paul said: “This is one of a number of financial services and fintech ventures with which I am currently involved, and I will be providing support and advice to Suros when required.” 

He claims that the need for an alternative source of borrowing — not reliant on bricks and mortar — is stronger than ever, especially since Borro moved its focus to the US market.

Suros Capital will work with intermediaries and, according to Ray, at a time when short-term lending is becoming more complex, time consuming and ultimately slower, borrowing against luxury assets provides a simple, fast alternative to raise capital. 

“We see a growing demand to raise capital quickly with the minimum of fuss that allows people to make use of their luxury assets as collateral for a loan,” Ray said.

“Once Suros’ appraisers have valued the asset(s), an agreement is generated and, once signed, funds are released." 

Most cases are expected to complete in less than 72 hours from first contact.

“The intermediary, having made their recommendation based on their client's needs, refers them to us and we handle the whole process.”

The lender noted that paperwork is kept to a minimum, there is no need for affordability or credit checks, various loan servicing methods are available, and the asset security is insured and securely held until repayment of the loan. 

“It is the simplest transaction for intermediaries and their clients. 

“The new lockdown is likely to further restrict conventional borrowing to raise capital, so we believe that our proposition will have even more appeal to advisers..."

Russell Martin, managing director at Finance 4 Business, commented: “Suros Capital provides a unique funding solution for borrowers which can be easily accessed through intermediaries and does exactly what it says on the tin. 

“This has important applications for both businesses and individuals, where the key requirement is for speed and convenience without the need to sell assets or wait for funding secured against bricks and mortar. 

“I have worked closely with Paul and Ray before and look forward to doing so again.”

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