Together, alongside Enness Global, have provided a regulated bridging loan of £1.7m to a high net worth (HNW) individual.
The loan provided the customer with additional finance to invest into their personal business, a private members’ club in London.
It has been secured against two separate properties; a large five-bedroom terrace house in London with a value of £8,800,000 and a similar sized detached home in the Cotswolds with a value of nearly £4m.
Together, which has a loan book of £7.7bn, recently relaunched a dedicated large loan proposition, to cater for the funding needs of select high net worth (HNW) clients.
Despite their affluence, many HNW clients struggle to secure finance, as high-street banks tend to use automated systems to guide their lending parameters and are also not set up to deliver timely decisions.
In some cases, these individuals require short-term bridging finance at short notice, and this is a product rarely provided by banks.
Dan Narwal, regional account manager at Together, said: “The customer required funds to support his business, and we are delighted to have been able to work with Enness to complete this complex deal lent against two properties.
“We are seeing increased optimism from high net worth customers as individuals continue to look to utilise their property to raise funds.
“These customers often require flexibility when seeking finance and are frequently let down by mainstream lenders who have rigid criteria.
“They often have complex company structures and multiple income sources, which require a personal approach when assessing net worth and lending appetite.”
He added: “With the launch of our new dedicated large loan product, we hope to continue supporting high net worth individuals achieve their property ambitions.
“Through a service that adopts a common-sense approach with speed and agility, Together can offer award-winning products to a segment of the market that is largely underserved and often let down by high street lenders.”
Toby Johncox, group managing director at Enness Global, said: “I chose Together as the lender for our client due to their ability to offer a flexible approach and ability to fully understanding our client’s HNW status.
“Their internal funding structure meant no prolonged legal work, and their willingness to accept second charges on both properties made the deal stand out from the rest of the market.
“Further, having direct access to key decision-makers in the business allowed for swift decision-making, and their quick turnaround time and professionalism made them the ideal choice for this transaction.”
