Specialist lender Together has worked with master broker Finance 4 Business (F4B) to complete a £2m bridging loan for a property investor.
The customer was up against a tight deadline to complete the purchase of a Victorian grade II-listed former malt house, which was built in 1864 and had been previously converted into offices.
His property investment company had a bridging loan in place with a bank but approached F4B to buy the property when there was a last minute sticking point with the lender.
F4B recommended Together to their client as an alternative to its previous deal.
After reviewing the case, instructing a valuation, and working closely with its legal partners at Priority Law, Together agreed a £2,018,451 re-bridge to pay back the client’s initial lender – and provided the funds in just four days.
The investor had already secured planning permission to turn the former office block, and two associated outbuildings on the two-acre site, into 90 one and two bedroom flats, which is expected to increase its value dramatically.
Marc Goldberg (pictured), commercial CEO at Together, said: “We were happy to do this deal when we saw the investor’s plans for this historic site. Our fantastic partnership with F4B ensured a rapid turnaround and we were happy with the client’s exit strategy; an agreed development facility with another lender further down the line. In all it was a great outcome for us, the broker and their customer.”
F4B is a member of Together + an initiative to build exclusive partnerships between the lender and a hand-picked group of specialist distributors.
Russell Martin, F4B managing director, added: “The client was delighted. He’d initially been sceptical about whether we’d be able to do the bridge so quickly but, having worked with F4B on a number of occasions, he was confident that Together would deliver following our recommendation.
“We have a great partnership through the Together + initiative, which provides support on things like products, underwriting, and marketing, and it’s really beginning to bear fruit.”
