Together funds £1m regulated bridge in less than a week
Specialist lender Together and Specialist Financial Services Limited (SFS) have completed a regulated bridging loan of £1.07 million, with funding provided in just four working days to save the customers from losing their dream home.
The funding was for a couple who were emigrating to Canada, and they risked losing their promised finance to purchase a home there, when they were let down by another lender at the last minute.
SFS approached Together with the case, and the lender instructed an immediate valuation of the client’s existing nine-bedroom property in Kent to secure the loan, which was agreed with a loan-to-value of 60 per cent. Working in partnership, the funding was delivered to the customer within just four working days, enabling them to continue with their plans and buy the home they wanted for their new life in Canada.
Kerry Bradley, Together’s business development manager for North London, said:
“To have been able to fund such a large regulated bridging loan while the product is still in its pilot stage, and to have done so in such a short turnaround time, is testament to the hard work of all involved. It was a real team effort; with SFS providing a quality pack, and our underwriting team working closely with the valuers and solicitors to get the deal done so quickly. It was a fantastic outcome for the customer and is a great example of what specialist lenders and brokers can achieve when there’s a solid partnership.”
Tony Sutton, managing director at SFS added:
“This is the best service we have ever received from a lender on a regulated bridging loan, without a doubt. Together’s approach and ability to act fast saved our client. The quick turnaround required didn’t affect the level of service we received from them and they went above and beyond to provide the funding. Due to the efforts of everyone involved, we have a very happy introducer and even happier customer.”
Together offers a wide range of products including residential, commercial and buy-to-let mortgages, short-term finance, auction finance and secured loans. The group announced record results in September, with new lending for the year ending 30 June 2016 up nearly 40% on the previous year.
Specialist Financial Services Ltd offers a wide range of secured loan, commercial mortgages, specialist buy to let and bridging finance products. Their managing director has over 33 years’ industry experience in the specialist finance market.