Together defies challenging economy by originating £221m in a month

By Bridging Loan Directory 9th November 2023

Together supported more than a thousand customers with loans totalling more than £221million in October, the property lender has announced.

The finance group, which has ambitions to be the most valued lender for brokers, clients and partners, has reported it funded 1,192 loans across the group, worth over £221million – with over £113million generated through its broker channel and the remainder through its strong relationships across its direct customer base.

In terms of short-term finance, over £106million was originated from regulated and unregulated bridging loans across the group, Together announced today.

Chris Baguley, Group Channel Development Director, described the Group’s lending and continued growth as “highly impressive” particularly given the current tough economic climate.

He said: “Once again, we’ve exceeded our financial targets for the month, showing the sustained demand for our fast and flexible finance to help entrepreneurial clients achieve their property ambitions during what has been a difficult time for many businesses and individuals.

“Our colleagues across Together continue to be the reason we are able to deliver these incredible outcomes for our customers and our customer ratings are at the highest level in our history”.

He added: “Although we’ve seen a great performance across our diverse product range, bridging finance has again been the stand-out product, making up more than 40% of originations in October.”

Together also announced Buy-to-Let (BTL) lending of more than £41million for the month following the lender’s announcement that it was reducing rates on its first and second charge BTL fixed products in September.

In addition, the group delivered more than £30million in regulated lending – with an increase in applications across all its regulated products – £35million of commercial mortgages and £13million in development finance. Auction funding stood at £18.5million with 236 ‘Decisions in Principle’ across the auction channel in the month – an annual record.

Mr Baguley said: “We are very pleased and proud with our overall performance in delivering a highly impressive month, and the continued support we provide through excellent customer service to streamline processes and enhance our product range.

“These improvements mean we’re well on track to meet our own growth ambitions – and our vision to be the most valued lender in the market.”