Specialist lender Together has worked with partner SPF Short Term Finance (SPF) to provide funding that secured the purchase of an 18th century Grade II listed building in Gloucester to be used as a private school.
The customer needed £1 million in order to fund the purchase and provided two separate properties as security; one of which exceeded a value of £3 million.
The loan to value was 56% across the two properties and the customer had a successful track record in their industry, having a number of other private schools across the region.
They approached broker SPF who turned to specialist finance provider Together, knowing their common sense approach to lending would be invaluable in assisting their client meet tight timescales. The loan was approved and funding was delivered within three days of the solicitors being instructed.
Together’s commercial CEO Marc Goldberg explains:
“This case highlights what makes us different to other lenders; firstly our individual approach – allowing the customer to use two other properties as security for this purchase – and secondly the speed of our service.
“A turnaround time of less than three days from the point of instruction is something few others can offer and it’s a result of our dedication to getting the deals done as quickly and efficiently as possible, by working in close partnership with our solicitors, valuers and underwriters to make that happen.
“We’ve worked with SPF for over 10 years and their understanding of our offering and our appetite to lend has resulted in an excellent relationship that delivers great results for lender, broker and, most importantly, the customer.”
Chris Borwick, director at SPF added:
“We were delighted with the outcome and really appreciated the efforts of the team at Together to help get this completed in such a short space of time. A loan of £1m secured by two second charges in just three days is really impressive.”