Together completes £3.5m unregulated bridging loan for a client’s place in the sun

By Bridging Loan Directory 19th March 2024

Property lender Together has provided a loan of £3.47 million for a broker’s customer to invest in an exclusive holiday home in Mallorca.

The High Net Worth (HNW) customer, a property investor from London, wanted to raise capital to buy the impressive villa on the Spanish island, while releasing additional funds to invest back into their limited company.

They approached Cardiff-based broker Pure Property Finance for advice who, knowing its reputation for speed and flexibility took the case to Together, an established lender which has been providing finance for 50 years and has a current loan book of £6.8 billion.

Together agreed to provide a 12-month unregulated bridging loan to the customer’s limited company, of which the borrower is the sole shareholder.

The short-term loan was secured against the client’s vacant buy-to-let property, a multi-million pound four-bed home in St James’s, London.

Together has also taken a second charge over the customer’s house, a Kensington mews property, meaning an overall LTV of 66%.

The finance has allowed the client to buy the second home and they plan to exit the unregulated bridging loan by selling the St James’ property within the next 12 months.

Kerry Jordan, Together Intermediary Sales Manager for South Wales, worked with Luke Williams, specialist property finance adviser at Pure Property, to help realise the customer’s ambitions.

Kerry said:

“This was a complex loan structure but, working in partnership with experts at Pure, we managed to complete in a matter of days, due to the expert packaging of the case and their strong relationship with the borrower.

The customer had a great deal of equity in two prime London properties, so we were able to cross charge on the applicant’s buy-to-let and residential properties, held in their limited company name.

Our common sense underwriting approach – and the fantastic professional relationship in place with our broker partners at Pure – enabled us to open the door to the client’s ambitions of expanding their property portfolio through acquiring the Mallorca villa.”

Luke Williams said:

“At Pure Property Finance, we’re experts in completing deals across the UK for all kinds of purposes.

This was a case which was wracked with complexities. However, our ability to communicate the customer’s financial needs to Together in a clear way, meant the efficient underwriting of this deal.

Having worked with Together on similar cases, we had the utmost confidence in completion, providing our client with the certainty they needed to pursue their investment opportunities.”