£2.8m bridging loan completes in 11 days to save auction purchase

Together and specialist broker EquityOne Finance Ltd have provided a multi-million-pound unregulated bridging loan to buy two large high street shops.

The client bought the tenanted retail units – part of one large property – in Newport, Isle of Wight, at auction. However, they were nearing the 28-day auction deadline without securing the £2.8million funding needed.

Knowing the lender’s reputation for speed and providing certainty of funds, EquityOne brought the case to Together, which has an £8.1billion loan book.

Together agreed to provide a 12-month unregulated bridge, secured against the Newport property using a second property, an unencumbered block of tenanted flats in London, as extra security.

The team at Together identified the case as a perfect fit for their new Premier for Intermediaries service, launched in February this year and headed up by larger-loan expert Dan Narwal.

The loan was provided in 11 days, allowing the client to complete their purchase well within their already tight timescale, saving the customer’s £270,000 deposit they had already paid to secure the auction property.

Dan Narwal, Together’s Intermediary Corporate Account Director, said:

“This is exactly the kind of case we created Together Premier for Intermediaries for.

Across the industry, it’s common to hear that brokers get frustrated when placing million-pound-plus cases and stick to smaller, simpler applications.

We wanted to change that with a service that streamlines the process and delivers positive outcomes for clients at speed.”

Dale Robinson, director at EquityOne said:

“Dealing with larger £1m+ cases, you often expect a bit of delay and caution. Add in the tight auction deadline, a tenanted commercial property, and different security types, and this case was more complex than your average deal.

The client had approached another lender, but the initial process was just taking too long, and they weren’t convinced that everything would get signed off in time.

It was a risky move being part way through a process, but they felt like they needed to explore other options. We decided that Together would be the best option.

It was a pleasure to work with the entire team at Together. Every interaction and process was clearly communicated and efficiently executed, from application through to completion and funding.”

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