Lorenzo Satchell

Together provides £400,000 commercial bridging loan in nine hours

Together has completed a £400,000 commercial bridging loan within nine hours to help an investor expand his portfolio.

The client, who owns 10 investment properties, approached First 4 Bridging for advice on what finance would be available to him, as he was looking to buy an office building in London which had just gone on the market.

The specialist distributer brought the case to Together and the lender’s underwriting team reviewed the application with its in-house legal team, Priority Law.

Together used the Hometrack AMV and instructed solicitors two hours after the case was received. 

Together agreed to secure the loan against a property in the investor’s portfolio — a terraced rental house in East London.

The six-month bridging facility was agreed at 66% LTV and on an interest rate of 0.85%.

Lorenzo Satchell, regional account manager at Together (pictured above), said: “The speed at which we were able to provide this bridging loan underlines the huge benefits of our specialist underwriting team and solicitors working closely with our long-term and key partners at First 4 Bridging, to help their client realise his ambitions.”

Myles Williams, CEO at First 4 Bridging, commented: “As a business, we’re currently seeing huge amounts of activity within the commercial and semi-commercial property sectors, and these are areas which will continue to grow in Q2 and beyond. 

“Speed is a critical factor when it comes to bridging finance and the strength of our long-standing relationship with Together means we have a clear insight into how their products and criteria can provide the right outcome within certain timeframes. 

“Together is well-known for delivering at speed and allowing clients to seize commercial opportunities time and time again. 

“With many more transactions in the pipeline, we look forward to working closely with the team to offer access to the types of lending solutions and service levels that our clients demand.”

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