Together has provided a £13m commercial term loan, in partnership with Crystal, to refinance and support the expansion of a UK-based Turkish wholesale chain.
The £13 million facility was agreed for a long-established operator of Turkish wholesalers, which manages a property portfolio valued at around £36 million. The business supplies groceries and essential goods to European and Mediterranean communities across the UK.
The funding was structured to refinance existing borrowing secured against the client’s main warehouse and office premises, while also releasing capital for equipment upgrades intended to improve operational efficiency and underpin further growth.
The primary security comprised a large multi-use warehouse occupied by several businesses within the borrower’s group. According to the lender, this added a layer of complexity, given the corporate structure, financial arrangements and intercompany relationships attached to the asset, which could have complicated any enforcement scenario.
The transaction was further constrained by timing pressures, with the client’s existing term loan from another lender due to expire within weeks.
Together said its team undertook detailed due diligence, including property and valuation assessments alongside a full financial review of the business.
Emma Goodyear, senior corporate underwriter at Together, says: “A deal of this scale and complexity clearly demonstrates Together and Crystal’s ability to deliver for brokers and their clients when it matters most.
“By working collaboratively with all parties and adopting a bespoke, solution-led approach, our team and Crystal were able to overcome the challenges and deliver funding within a demanding timeframe, while effectively managing risk.
“Cases like this are a key part of what we offer at Together. We have recently launched our new Premier for Intermediaries proposition, led by director Dan Narwal, which provides a specialist concierge service designed to support brokers managing larger and more complex cases.
“Completed within the required timeframe alongside Crystal, the transaction delivered a strong outcome for the customer.
“Together remains committed to working closely with specialist brokers and their clients to find the right funding solutions, even for the most complex and time-critical cases.”
David Parke, lending manager at Crystal, adds: “Finding solutions is what we love at Crystal. The borrower needed funding quickly to support their growth and cost-saving strategy, so clear communication and close coordination across all stakeholders — including valuers, solicitors, and the wider team — were essential in navigating a complex transaction and agreeing a well-structured finance package.
“The client’s long-standing banking relationship had shifted due to a change in appetite, leaving them seeking a lender who could support their evolving needs and future growth.
“After carrying out market due diligence, it became clear that Together was the right long-term funding partner.”
