Together completes £106m of bridging loans in one month
Together today announced lending of more than £106 million in short-term finance across the business – the second time this year that the specialist lender had surpassed the £100 million mark in bridging loans.
The Cheadle-based lender, which has a group-wide loan book of over £6.2bn, originated new lending across 396 regulated and unregulated bridging transactions, highlighting its strong support of the UK property market.
The combined average time taken for Together to complete these loans in the first quarter of the year was 17 days for regulated bridging transactions and 29 days for unregulated bridging transactions.
This compares to an average of 54 days, according to the latest Bridging Trends data, which includes figures from leading bridging lenders and covers the final quarter of last year.
Marc Goldberg, Group CEO of Sales and Distribution, said:
“It’s an incredible achievement to be able to say that for the second time this year, we’ve lent over £100 million in short term finance.
Despite the current economic climate, these figures prove that there is still a huge demand from businesses across the UK for bridging offerings to help people achieve their ambitions.
It also demonstrates our commitment to provide the best possible outcomes for customers, as well as our exceptional service to our broker partners.
We couldn’t have achieved this without the strong relationships we have with intermediaries, as well as the amazing dedication and support of our colleagues, who have all played their part in the success, enabling us to deliver to our business partners and our customers.”
It is the highest figure in monthly lending since April, when Together announced £115million worth of short-term lending in a single month.
The announcement comes after the leading specialist lender launched a new second charge regulated bridge product, which will offer more options and support customers looking for short-term finance and is available for a range of non-standard properties.
Jo Breeden, Managing Director of Crystal Specialist Finance, said:
“To surpass £100 million in short term lending not just once, but twice in a single year is a testament to the work that Together do. They are truly leaders in the market, and one that we are proud to work with.
In the 15 years we have spent alongside Together, we have seen first-hand the pride they take in their work, always striving to achieve the right outcomes for their customers and intermediary partners.
Despite the current economic outlook, it is reassuring to see that lenders can still achieve the level of growth Together have.
We look forward to seeing what the future holds for the company and to continue our long-standing and successful relationship with them.”