Together has revealed that it worked with partners Crystal Specialist Finance and Priority Law to save a customer from losing a deal that combined both his residential and commercial interests, by completing funding in less than two days.
The customer needed £470,000 as a short-term loan to purchase the freehold on his residential property and clear the existing second-charge loan, as well as funding a buy-to-let investment property, but had been let down by his previous lender at the last minute.
The residential property in London was valued at £1,800,000 and the customer’s exit strategy was a planned sale that would repay the loan, but he had only a matter of days to arrange new finance.
He approached Crystal Specialist Finance, who subsequently contacted Together.
Marc Goldberg, commercial board director at Together, said: “This is a great example of lenders, brokers and solicitors all working together to find the best solution for the customer. We have a longstanding relationship with Crystal Specialist Finance and they ensured we had all the relevant documents and helped speed up the process for us by submitting the application through our online portal.
“We instructed our solicitors at Priority Law immediately and they then liaised with the customer’s own solicitors, whilst we ensured that everything was ready from an underwriting and processing point of view, so that we could release the funds as quickly as possible.”
Jo Breedon, managing director of Crystal Specialist Finance added: “This is a perfect example of all parties working together to put the customer outcome at the heart of the transaction. In this case we rode to the rescue of a customer who had been let down at the last minute on a crucial completion deadline.
“From enquiry to drawdown took just 15 working hours which is a phenomenal effort from all involved.”
