You are here: Home - Specialist Lending - Bridging -

Together signs ‘eleventh hour’ £1.5m bridging loan for client

by:
  • 17/09/2019
  • 0
Together signs ‘eleventh hour’ £1.5m  bridging loan for client
Together has signed a deal with an unnamed developer for a £1.5m bridging loan to facilitate a land deal in just three days. 

 

The client needed the finance to buy land but had a deal with another lender fall through just days before the deal was due to complete.

The property company’s retained mortgage broker SPF Private Clients brought the case to Together and the specialist lender agreed a commercial bridging loan of £1.5m, secured against the land.

Ritchie Watson, lending director at Together, said: “This was a strategic purchase of a piece of agricultural land, which would be the final piece of the jigsaw in a wider project. 

“SPF provided all the necessary documents and our commercial underwriting team pulled out all the stops to get this deal across the line ahead of the customer’s completion date.”

Amadeus Wilson, director of short-term finance at SPF private clients, added: “We knew that Together would be able to provide the necessary funding within a tight timeframe. In the end, the client was delighted that we managed to achieve an impressive three-day turnaround from the application being submitted to funding being received.”

Specialist Lending Solutions contacted Together for the identity and location of the client and land, but was told they would remain confidential.

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
buy to let BTL
Shawbrook and Prospero Finance help client raise £527k on complex BTL deal

Shawbrook and Prospero Finance have helped a client secure a £527,000 capital raise on the most recent purchase in their...

Close