Specialist lender Together has rescued a property investor whose lender had let him down.
The investor had bid £214,000 for a buy-to-let property at auction and needed £150,000 to complete the purchase.
Despite assurances from his mortgage company that the money would be available within the strict completion timescale, this failed to materialise and the buyer was faced with the loss of a £22,000 deposit.
His financial adviser at Brilliant Money suggested approaching Together. Marc Goldberg (pictured), commercial board director at Together, said: “We provide much-needed access to finance through our network of brokers across the country. We take a common sense approach to lending, instead of sticking to a rigid criteria, and this is a great example of our philosophy in practice.
“The property was a sound investment and the client passed our affordability checks, so we had no hesitation in approving the loan. We used the client’s solicitors which speeded up the process and saved additional fees and were able to provide the finance within 36 hours of being contacted by Brilliant Money.”
Greg Williams, director at Brilliant Money, added: “We have a big specialist lending background within the Brilliant Group and some great relationships with a number of lenders but we immediately thought of Together for this deal. It’s a lender that understands deal fundamentals quickly and will act accordingly.
“We provided all the information they required to make a decision on the Friday evening. Documents were sent to solicitors on the Monday and the loan was paid on the Tuesday, meaning the customer was able to complete his auction purchase without losing any money – fantastic.”