case study

Impact Specialist Finance and Together complete auction finance deal in seven days



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Impact Specialist Finance and Together have completed a £240,000 bridging loan within seven days for a client’s auction purchase.

The borrower, who bought a three-bedroom terraced property in London, required the funds in June to complete the transaction before the stamp duty holiday deadline.

To meet the time requirements, Together accepted an AVM instead of a full valuation for the property, which will be refurbished before being let.

The £240,000 facility was arranged at 60% LTV on a 12-month term.

Dale Jannels, managing director at Impact Specialist Finance, said: “Despite the pressure on my team and with most lenders leading up to the end of the stamp duty holiday, Together pulled out all the stops for this client and its flexibility to accept the AVM made a significant difference.”
 
Sally Precious Ward, business development manager at Together, commented: “Teamwork really was the key and everyone involved performed to our usual high standards to get this across the line in time. 

“At Together, we’re focused on being flexible where others wouldn’t and we are thrilled we delivered the funding for the client before the stamp duty deadline.”

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