Together introduces commercial bridging product

Together has announced the launch of its commercial bridging product with the Tenet Group.

The specialist lender has started a pilot for brokers within the Tenet networks, after providing funding for two commercial cases worth over £220,000.

In the first case, a pair of buy-to-let (BTL) investors borrowed £71,000 to purchase a residential apartment in a 26-floor luxury block at Media City, Salford Quays.

The BTL investors had to move fast or risked losing out on the property.

In a separate case, three investors approached a broker in the Tenet network for a bridging loan of £154,230.

The loan would enable 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 Together to review the case – due to knowing its reputation for speed and service – where it provided the loan in less than 72 hours.

John Truswell, head of national accounts at Together (pictured above), 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.”

In June, Together announced its partnership with selected broker networks across the UK, allowing thousands of new brokers access to its first charge mortgage products.

The lender introduced its short-term commercial product with Tenet in November.

Martin Greenwood, chief executive of the Tenet Group, added: “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.”

Together has delivered £677.5m in short-term finance for the year to 30th June 2017.

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