Together and Karis Capital team up to deliver £4.6million unregulated bridging loan

By Bridging Loan Directory 26th March 2024

Property lender Together has completed its first deal with new real estate advisor Karis Capital, providing a client with £4.6 million unregulated bridging loan to continue their buy-to-let business.

The customer required the loan to repay their existing lender while they awaited the sale of an apartment complex in London. The client will exit the bridge by refinancing to a Buy-to-Let mortgage with another lender.

They had initially bought the site of dilapidated and abandoned garages in a residential area for £1.52million in 2010.

The customer, who runs an architecture practice, obtained planning consent and then undertook the project to design and convert the site into a block of six flats.

The architect, who needed to secure finance quickly, approached City-based firm Karis Capital, which offers innovative financial strategies in real estate finance for UK developers and investors. Its team understood that the customer’s needs and brought the case to property lender Together.

Together, which has a loan book of £6.8 billion and is currently celebrating its 50^th year, was able to take a bespoke approach to the client’s situation and work out a deal within the tight deadline.

Its expert underwriting team fully reviewed the case and agreed to provide a 12-month bridging loan, secured against the London apartments.

Marc Goldberg, CEO of sales and distribution at Together, said:

“Having known Nicholas Christofi, CEO of Karis Capital for a long time, we were delighted when they approached us with this case.

Despite the complexity of the deal, and the short amount of time we had to complete, our team pulled out all the stops.

We worked brilliantly alongside Karis to finalise the transaction, and the client was able to obtain the bridging loan they needed to refinance from their existing lender.

We have had an excellent experience working with Karis Capital, and hope to build a long and fruitful relationship with them.”

Fodi Christodoulou, senior associate at Karis Capital said:

“The deal had a very tight deadline to complete, and therefore speed and flexibility was essential.

Our first time working with this borrower, we decided to approach a trusted lender in Together to handle this case – considering their strong track record at delivering fast and flexible finance.

Our teams took on the work together effectively, and we managed to complete the complex deal in time.

The strong working relationship of both Karis and Together played a key role in this transaction, and both customer and ourselves couldn’t be happier with the outcome.”