Together, working with specialist broker EquityOne Finance Ltd, has completed a £2.8m unregulated bridging loan to support the acquisition of two large high street retail units on the Isle of Wight.
The client purchased the tenanted shops, which form part of a larger property in Newport, at auction but was approaching the 28-day completion deadline without funding in place.
The lender agreed a 12-month facility secured against the Newport asset, with additional security provided by an unencumbered block of tenanted flats in London.
The deal was completed in 11 days, enabling the borrower to finalise the purchase within the required timeframe and protect a £270,000 deposit already paid at auction.
Together said the case aligned with its Premier for Intermediaries service, launched earlier this year to support larger and more complex transactions.
LARGER LOAN FOCUS
Dan Narwal, intermediary corporate account director at Together, says: “This is exactly the kind of case we created Together Premier for Intermediaries for.
“Across the industry, it’s common to hear that brokers get frustrated when placing million-pound-plus cases and stick to smaller, simpler applications. We wanted to change that with a service that streamlines the process and delivers positive outcomes for clients at speed.”
Dale Robinson, director at EquityOne Finance Ltd, adds: “Dealing with larger £1m+ cases, you often expect a bit of delay and caution.
“Add in the tight auction deadline, a tenanted commercial property, and different security types, and this case was more complex than your average deal.
“The client had approached another lender, but the initial process was just taking too long, and they weren’t convinced that everything would get signed off in time.
“It was a risky move being part way through a process, but they felt like they needed to explore other options. We decided that Together would be the best option.”
Robinson concludes: “It was a pleasure to work with the entire team at Together.
“Every interaction and process was clearly communicated and efficiently executed, from application through to completion and funding.”
