The customer had a short deadline to complete the purchase of a Victorian grade II-listed former malt house, which was built in 1864 and had previously been converted into offices.
His property investment company had a bridging loan in place with a bank but approached master broker Finance 4 Business (F4B) to buy the property when the lender decided to “move the goal posts”.
After reviewing the case, instructing a valuation, and working closely with its legal partners at Priority Law, Together agreed a £2,018,451 re-bridge to pay back the client’s initial lender – and provided the funds in four days.
The investor had already secured planning permission to turn the former office block, and two associated outbuildings on the two-acre site, into 90 one- and two-bedroom flats. These plans are expected to increase the site’s value.
Marc Goldberg (pictured), commercial CEO at Together, said: “We were happy to do this deal when we saw the investor’s plans for this historic site.
“Our partnership with F4B ensured a rapid turnaround and we were happy with the client’s exit strategy; an agreed development facility with another lender further down the line. In all it was a great outcome for us, the broker and their customer.”
Russell Martin, F4B managing director, added: “The client was delighted. He’d initially been skeptical about whether we’d be able to do the bridge so quickly but, having worked with F4B on a number of occasions, he was confident that Together would deliver following our recommendation.”