Together has worked with The Loan Partnership to deliver a £160,000 regulated bridging loan in just nine days, enabling buyers to meet an auction deadline after their original funding fell through.
The specialist lender provided the short-term finance after the couple’s previous lender withdrew at the last minute, putting their auction purchase at risk and leaving them facing the loss of their deposit.
The borrowers had successfully bid £100,000 for a five-bedroom semi-detached property at auction but required rapid funding to complete within the standard 28-day timeframe.
Together delivered a 12-month regulated bridging loan, cross-charged against the new property and the couple’s existing three-bedroom flat, allowing completion within nine days.
The funding secured the purchase and prevented the buyers from losing their £10,000 deposit. The couple now plans to invest almost £50,000 into refurbishing the property, with works expected to be completed within eight weeks.
Sally Precious-Ward, intermediary relationship manager at Together, says: “Our regulated bridging products are designed for exactly these types of situations, where clients need fast, pragmatic solutions to secure their home purchase.
“Working alongside The Loan Partnership meant we could move with precision and pace, ensuring a smooth and successful completion. We’re delighted with the result and pleased to have supported such an efficient turnaround.”
The clients approached The Loan Partnership after being informed by their original broker that the purchase was unlikely to complete on time. Auction purchases typically require a 10% deposit on the fall of the hammer, with completion usually required within 28 days.
The broker immediately prioritised the case, working closely with Together to ensure funds were released well within the deadline.
Sarah Gaffney, operations director at The Loan Partnership, adds: “This case demonstrates the real power of specialist lending when speed, expertise and reliability are essential.
“Auction timelines are unforgiving, and when clients face the possibility of losing their deposit, every hour matters. We were dedicated to turning this around quickly, and Together were outstanding partners throughout.
“The clients were overjoyed and we’re extremely proud of the outcome we achieved for them in partnership with Together.”
