Together and Crystal Specialist Finance have provided a short-term loan of £102,600 when the borrower, a property development company, was let down at the last minute by another bridging finance provider.
The company needed the funds for a development of seven flats and a two-bed townhouse which were close to completion, but required additional finance quickly so that the project was not delayed.
The developers intend to refinance in six months when they let the eight rental properties, and thanks to the fast funding from Together, they are back on track to finish the project as planned.
Jo Breeden, managing director of Crystal Specialist Finance said: “This case was quite straightforward, but the initial lender simply couldn’t deliver in the timescales. Thankfully, Together stepped in and delivered the loan within just 48 hours – a huge relief for the customer and a great outcome.”
Marc Goldberg (pictured), Together’s commercial CEO, added: “We pride ourselves on our speed of service when it comes to bridging. We see so many scenarios like this where other lenders make promises and then don’t deliver, but when we’ve committed to lend to a customer, we will do all we can to provide the funds as quickly as possible.
“Our broker partners like Crystal Specialist Finance know they can rely on us in unusual or complex situations, even when the deadlines are extremely tight. When we saw this development, which is of a really high standard and was very close to completion, we agreed to provide the funds within the timeframe. Our underwriting team and solicitors worked closely with the client’s solicitors to make it happen and we’re delighted that the project will now be completed as planned.”