following double success
Together has launched a commercial bridging pilot with the Tenet Group, after providing short-term finance for two deals worth more than £220,000.
In the first case, a pair of buy-to-let investors borrowed £71,000 to fund the purchase of a fifth-floor residential apartment in a 26-floor luxury block at Media City, Salford Quays, home to the BBC’s headquarters in the North. They had to move fast, or risked losing out on the property in the Media City Tower block, in an area where property prices have soared over recent years.
Meanwhile, in a separate case, three investors approached a broker in the Tenet network for a bridging loan of £154,230, which would allow them to buy a commercial unit and four flats in the holiday resort of St Leonards-on-Sea in Hastings, East Sussex.
The network referred the broker to the specialist lender to review the case, and it provided the funding in less than 72 hours, for the customer to complete the purchase.
John Truswell (pictured), head of national accounts at Together, said: “These are fantastic examples of where our agility as a specialist lender enables us to deliver funds against tight deadlines that many mainstream lenders would struggle to meet.
“Both cases involved exceptional teamwork between the broker, our commercial underwriters and solicitors, to get the best possible outcome for the customers, who were certainly happy with the results.”
The specialist lender announced in June its partnership with selected broker networks across the UK as part of major plans to grow its business, allowing thousands of new brokers access to its first charge mortgage products.
It has built on this partnership with Tenet since broadening distribution of its residential mortgages – introducing its short-term commercial product with the network last month.
Martin Greenwood, chief executive of Tenet Group, said: “Together launched its commercial bridging product with us, following a good response from brokers in our network to its first charge residential product and it’s fantastic to see that our new relationship is really starting to bear fruit.”