This was highlighted in one recent case in which we provided a £1.14m short-term loan in eight working days to fund a commercial property purchase, saving an investor a six-figure deposit in the process.
The director of an asset management company – which owns three offices at a business park – planned to purchase the remaining three units, but was told by his bank that they would be unable to provide the funds in time to meet the seller’s deadline.
He feared he would miss out on the purchase and stood to lose the deposit of £160,000 he’d already paid to the vendor if he was unable to find an alternative funding provider.
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Luckily, the customer approached a broker, who – knowing our reputation for speed and service – took the case to Together. Following careful examination, we agreed to provide the 12-month bridging loan for £1,148,310. The quick turnaround was thanks to fantastic communication between all parties involved, working together to meet the deadline – and saving the customer a great deal of stress.
We were able to use our special relationships to instruct a valuer and produce a report within five working days. We then completed the legal requirements, providing the finance needed in just over a week.
We hear from our broker partners that many bridging finance providers will say they can deliver within a customer’s time constraints, but then fall short when the clock is ticking. So, it’s important that brokers find a lender that they can trust and, importantly, will work closely with the relevant parties – as we did in this case – to meet the deadlines and provide the best outcome for the customer.