Matthew Rees, director of an estate agency and owner of 200 buy-to-let properties, wanted to add the six-bedroom Cornish property worth £2.85m to his portfolio.
His firm, Manchester-based St. Mawes Estates, had previously agreed finance with another specialist lender and exchanged contracts with the owner of the coastal property.
However, the deal fell through before the completion deadline when solicitors requested additional information about the company and its directors.
This was because the property was being purchased under the limited company while a second property, which was used as security for the loan, was purchased under personal names.
Rees said the solicitors asked for the information a day before the deadline, but as it would have taken two weeks to put together, the contract was at risk of becoming void and he would have lost £3m.
Rees, who is also the CEO of London-based mortgage network Beneficial, chose to work with Together as he was familiar with the lender having worked with them previously during his 25-year career in property and finance.
He said: “Knowing the speed at which Together can turn around bridging finance applications, I gave them a call. Within five minutes I had a call back from their commercial CEO, Marc Goldberg.
“He said he’d seen the valuations, and knew me and my background, and agreed to release the money that day. That was at about 11.15am and the deal was done by 3.10pm in the afternoon.
Rees added: “The underwriters and Together’s solicitors, Priority Law, were amazing in doing all they could to make sure we could complete the deal. We were put in a really difficult situation to start with by the initial lender but this was an incredibly quick completion and a great result.”
Together agreed the £3m commercial bridging loan, secured against the Cornish property and another property in Manchester.
Goldberg said: “We knew when we first had the call from Mathew Rees that this deal made sense.
“We looked into his background, the property and the popularity of the area, and we were happy to be able to offer him the finance he needed to rescue the purchase and expand his company’s portfolio.”
LendInvest completes BTL purchase in four days
LendInvest has funded the purchase of a tenanted ten-bedroom homes in multiple occupancy (HMO) property in four days.
As the landlord borrower needed the loan quickly, the lender worked to facilitate the £451,500 required on a 70 per cent loan to value (LTV) basis.
The borrower was approved for a two-year fixed rate buy-to-let mortgage and the case was introduced by DAS Finance.
It was also the first completion for Birketts Solicitors with the lender following its recent addition to the panel.
Lauren Eaton, head of loan operations at LendInvest, said: “The speed at which this case was delivered is a true testament to the perfect combination of the relationship we have with our professional partners, the deep expertise of the LendInvest team and the technology enabled processes that allow us to move quickly, while maintaining quality of funding and service.
“I’m delighted to be announcing this deal delivered in record time as our first completion with Birketts, a confident sign of a team that holds the same approach to fast, flexible lending as we do.”
Shlomo Fink, head of specialist mortgages at DAS Finance, added: “We have had an amazing experience with LendInvest in general and especially with this case.
“The full team from underwriting, case manager and bank manager were all working to reach the goal and help the client complete on time.”