Together delivers £2.1 million regulated bridging loan in less than a fortnight
Specialist lender Together has turned round a £2.1m regulated bridging loan in less than two weeks, to enable a client to purchase their chosen property ahead of their holiday.
The customer only had a couple of weeks to secure their new home in Surrey before their planned trip, with a regulated bridge being an ideal solution for their situation.
Due to the short timescales, appointed broker, Dolphin Loans, approached Together in the hope that the lender’s speed and flexibility would allow them to meet the deadline.
Together reviewed the case, with the property valued at £5.25m, and agreed short-term funding of £2.1m, with a loan-to-value of 39 per cent.
David Owen, regional development manager for Together in the South West, said:
“This is our largest regulated bridging loan since we updated our bridging product range in 2015 and is a great example of the benefits of bridging in practice. In this instance, the whole process took less that two weeks, with funding delivered just two days after the offer was issued, so the customer could go on holiday with peace of mind.
“This is where specialist lenders like ourselves can deliver a service that many mainstream finance providers can’t match, and the process was straightforward, thanks to a well-presented application from Dolphin Loans.”
Lyndsey Fellows, director at Dolphin Loans, added:
“In situations like this, where speed is of the essence, it’s great to have lenders like Together that will apply a common sense approach and really go the extra mile to meet tight timescales. The case was referred to us via KIS Finance before the offer from Together was provided to the customer on the Wednesday and the funds were sent on Friday morning, so it was a great outcome for all involved.”
The funding was provided on a 12-month facility, with interest rolled up so that the customer can pay at the end of the term when the property is refinanced with a mainstream lender.