Together has provided a £300,000 second charge bridging loan for a married couple to inject money into their retirement home development business.
The borrowers were looking to raise capital to improve the business cashflow, with a short-term loan secured against their £1.27m house.
The introducer approached Truffle Specialist Finance to help the couple and Truffle brought the case to Together.
Together completed the deal at 45% loan-to-value (LTV) within 24 hours of being contacted by Truffle.
The finance will be used to complete works at a luxury assisted living scheme, a major development which is now nearing completion.
The clients, who have a solid credit history, will exit the bridge by remortgaging their property with a mainstream lender.
Michael Schofield, underwriting director at Together, said: “This is the kind of situation when bridging finance really comes into its own.
“Truffle’s clients were facing cash flow issues and had an extremely tight deadline to finish off the work, so the apartments at their luxury retirement complex would be ready to go on the market.”
He continued: “Together is one of the UK’s leading bridging lenders with an expert team of underwriters who understand short-term finance inside out.
“Using our common sense underwriting approach, we carried out an automatic valuation model (AVM), which saved on valuation fees.
“Using our internal legal team, also saved the borrower money and meant that we were able to have the required finance within 24 hours.
“Together’s vision to be the UK’s most valued lender and provide the best possible service, so this was a great achievement for all parties involved.”
Luke Egan, director of bridging and development at Truffle Specialist Finance, said: “Having partners that offer of this type of industry leading service allows us to do what others may think isn’t possible and puts us in a great light as far as our introducers and clients are concerned.
“The simplified application process that the Together team offers makes things much easier and smoother allowing deals like this to be something we can offer with real confidence in our ability to deliver even with very difficult timelines.
“Following completion we have received some amazing feedback from our introducer which will go a long way to securing more business in the future and further solidifying a great relationship.”
