Fast funding of £2.3 million saves couple’s dream Scottish rural retreat

Nick Jones

Specialist lender Together teamed up with Smart Money to provide a £2.3 million short-term loan to an English couple so they could complete their dream move to a Victorian country home in the Scottish Borders.

The customers had their hearts set on a beautiful home in Berwickshire, a spectacular eight-bedroom property built by the celebrated Scottish Architect William Burn, who also designed Inverness Castle in the Scottish Highlands and Montagu House in Whitehall, London – the site of the first British Museum.

However, the couple, who both hold senior positions in successful businesses, initially faced disappointment when they were unable to secure the funding needed from a mainstream lender to buy the listed building.

Together carefully reviewed the case after being contacted by master broker Smart Money, and agreed to provide a regulated bridging loan.

The specialist lender allowed the customers to cross charge using their £2.5 million farmhouse in West Sussex as security, as well as the £1.2 million Scottish property. The couple plan to sell the English farmhouse within the next 12 months to pay back the bridging loan.

Nick Jones, pictured, head of specialist distribution at Together, said:

“The customers had fallen in love with the historic building and had their hearts set on a move to the Scottish Borders, so they were devastated when they couldn’t secure funding through mainstream channels.

“Smart Money brought the case to us and we carefully reviewed it in line with our common sense lending philosophy. We then provided fast and flexible finance for the customers to complete quickly, allowing them to move in and enjoy this wonderful historic property.”

Paul Crewe, managing director of Smart Money, said the loan application was completed via the broker’s Scottish office.

He said:

“This was an unusual case as it involved cross charging on homes in England and Scotland, which allowed the borrowers to unlock more capital. In more complex situations like this, it’s key that a strong relationship exists between broker and lender because they need to work closely together to make sure they get the best possible outcome for the customer, and that’s certainly what has happened in this case.”

Established in 1974, Together has been providing specialist finance to customers for over 43 years, with annual lending to 30 June 2017 at close to £1.2 billion and a current loan book of more than £2.24 billion.

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