Together delivers £3.7 million loans in three days
Specialist lender Together has provided three regulated bridging loans worth more than £3.7 million in just three days.
The alternative finance group turned around two of the first charge loans – for £1.4 million and £831,300 – on the same day and another, for £1.5 million, three days later.
Due to the customers’ tight timescales, broker Dolphin Loans approached Together in the hope that the business’s speed and flexibility would allow them to meet the deadline.
Together reviewed each case and provided the funding earlier this month, following the launch of its lowest ever regulated bridging rate of just 0.49 per cent.
Richard Tugwell, pictured, intermediary relationship director at Together, said:
“These are excellent examples of the benefits of bridging finance, and the success that comes from working in partnership with a trusted broker to get the best outcome for the customers.
“Dolphin Loans contacted us because they know our track record of turning around funding quickly, providing a service that many mainstream lenders simply wouldn’t be able to match. They came to us with three well-presented applications, making the process as quick as possible, and we were delighted to provide the fast and flexible short-term funding needed to help their customers realise their plans.”
The first clients applied for a regulated bridging loan, secured against their £3.25 million home to repay an existing bridge and raise funds for their business. They plan to sell the property, in Gloucestershire, to repay the loan and downsize.
The second customers, from Surrey, took out the bridge to clear their existing mortgage with a mainstream lender, before using the proceeds of selling their £1.3 million property to exit the bridge and move to a smaller home.
Together then provided the third loan for £1,530,000 for a customer in Cambridge to clear part of his cross-charge bridge for £4.6 million.
Jerry Matthews of Dolphin Loans said:
“These three cases show how great it is to have lenders like Together, who apply their common sense lending philosophy to each decision, and processed these applications with such efficiency that all three of our clients were able to access the funds needed in three days. It was a fantastic result for all involved.”
Together’s limited edition product is its lowest published bridging rate in its 43 year history. The rate is available for loans up to £2.5 million, with larger applications considered on an individual basis, and no maximum age limit.