Suros Capital has launched an alternative short-term lending facility, which is available through intermediaries.

The facility is secured against luxury assets including jewellery, fine art, watches, luxury and classic cars and fine wine.

Crestline Investors, Inc., an institutional alternative asset manager, funds Suros Capital whilat Paul Aitken, founder of Borro, also backs the business.

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Ray Palmer, director of Suros Capital, said: “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.

“Once Suros’ appraisers have valued the asset(s), an agreement is generated and once signed, funds are released. Most cases complete in less than 72 hours from first contact.”

“There is a minimum of paperwork, no need for affordability or credit checks, various loan servicing methods are available, while the asset security is insured and securely held until repayment of the loan.”

Aitken added: “With Borro’s exit from the UK market in early 2019, the need for an alternative source of borrowing, not reliant on bricks and mortar, is today stronger than ever.

“Borro lent about £220m secured by luxury assets between 2012 and 2017 and generated annual returns after losses of about 35% and I am confident that Suros Capital can fill a similar need for simple, fast finance.”