Together launches commercial bridging product with Tenet

The specialist lender last month started a pilot for brokers within the Tenet networks for the product, after partnering Together earlier this year to give brokers access to the lender’s first charge mortgage products.

The provider changed its process for commercial bridging applications earlier this year, in an effort to make it easier and quicker for brokers to submit cases online amid wider plans to grow the business.

Together delivered £677.5m in short-term finance for the year to 30 June 2017 and was named ‘Specialist lender of the year’ by the National Association of Commercial Finance Brokers (NACFB) this month.

Martin Greenwood, chief executive of Tenet Group, said: “Together launched its commercial bridging product with us, following a good response from brokers in our network to its first charge residential product and it’s fantastic to see that our new relationship is really starting to bear fruit.”

Two short-term finance deals already done

Together and the network recently provided short-term commercial finance for two deals worth more than £220,000.

In the first case, a pair of buy-to-let investors borrowed £71,000 to fund the purchase of a fifth-floor residential apartment in a 26-floor luxury block at Media City, Salford Quays, home to the BBC’s headquarters in the North.

And in a separate case, three investors approached a broker in the Tenet network for a bridging loan of £154,230, which would allow them to buy a commercial unit and four flats in the holiday resort of St Leonards-on-Sea in Hastings, East Sussex.

The network referred the broker to the specialist lender and funding was given in less than 72 hours for the customer to complete the purchase.

John Truswell, head of national accounts at Together, said: “These are fantastic examples of where our agility as a specialist lender enables us to deliver funds against tight deadlines that many mainstream lenders would struggle to meet.

“Both cases involved exceptional teamwork between the broker, our commercial underwriters and solicitors, to get the best possible outcome for the customers, who were certainly happy with the results.”