Together works with SPF to provide £1.25 million bridging loan within 48 hours

Property lender Together has supported an aspiring property investor to expand their portfolio after the client had been let down at the eleventh hour by another lender.

The client, an entrepreneur with businesses in jewellery and software sales, was close to completing the purchase of the £2 million house in Wimbledon, which was to be added to their growing buy-to-let portfolio, when the initial lender was unable to complete the longer term mortgage as planned.

Desperate to not forfeit the sale, the client turned to Together, after being introduced by broker SPF Private Clients.

The Cheadle-based lender was able to provide the £1.25m unregulated bridging loan within 48 hours of receiving the application.

Together, which has a loan book of £7.8billion, was able to work with SPF and the customer to provide the agile, flexible finance needed to secure the sale ensuring the client was able to continue to expand his portfolio already comprising of a rental property on the same road as the security address and two commercial properties tenanted by Pizza Express and Boots, also situated in Wimbledon.

Marc Goldberg, CEO Group Sales & Distribution at Together said:

“Our broker partner SPF, approached Together based on our strong reputation to deliver when others cannot.  We were delighted to play to our strengths and move quickly to ensure that the client didn’t lose the sale.

Despite the challenges facing the buy-to-let market, there are many landlords who see that there are still plenty of opportunities in the sector and it is important to that lenders can be counted on to support their ambitions with assurance of funds and understanding each case fully.

More than two thirds of buy-to-let landlords expect yields to increase over the next 12 months, despite rising house prices and increased tax and regulation.

Our latest research shows that 67% are expecting higher yields, with nearly one in ten expecting rises of up to 10%, and another 18% expecting an uplift of between 10% and 25%.

We are delighted to have been able to work quickly with SPF to ensure that this client was not let down.”

Amadeus Wilson, Executive Director and Head of Short Term Finance at SPF, said:

“Together is widely known for acting with speed and flexibility making them the perfect lender to support our client.

“Having a mortgage fall through and being so close to securing the property is an incredibly stressful time so finding the right partner was key. Together’s processes meant securing funding for our client was a seamless process.

Over the years, we have fostered a fantastic working relationship with Together, and we look forward to continuing to help clients achieve their property ambitions with them

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