Together has extended a £3.47m bridging loan to a London property investor for the purchase of an exclusive holiday home on the Spanish island of Mallorca, while also releasing additional capital for their limited company.
The investor approached Pure Property Finance for guidance, who then introduced the customer to Together, a lender with a five-decade track record and a loan book of £6.8bn.
Together offered an unregulated 12-month bridging loan to the customer’s limited company, securing it against the client’s vacant St James’s property and taking a second charge on their Kensington mews home, achieving an overall loan-to-value of 66%.
Kerry Jordan, intermediary sales manager for South Wales at Together, said: “This was a complex loan structure but, working in partnership with experts at Pure, we managed to complete in a matter of days, due to the expert packaging of the case and their strong relationship with the borrower.”
Luke Williams, specialist property finance adviser at Pure Property, added: “This was a case which was wracked with complexities. However, our ability to communicate the customer’s financial needs to Together in a clear way, meant the efficient underwriting of this deal.”
Together’s loan will facilitate the investor’s plans to buy the Mallorca villa, with the exit strategy involving the sale of their London property within the next year.
