Together completes £4.25m bridging loan

Together has completed a £4.25m bridging loan for Tulip Properties’ latest investment in Buckinghamshire.

The client required the funds to purchase a purpose-built luxury apartment complex comprising 24 flats, located on the edge of Burnham Beeches nature reserve.

The property investor had initially been liaising with another lender to obtain the finance, but the deal fell through due to delays in reaching an agreement.

Tulip Properties contacted Together to secure the funds and, using the previous lender’s valuation report, the lender agreed to provide the £4.25m unregulated bridging loan over a 12-month term.

The customer intends to repay the facility by refinancing with another lender.

Tulip Properties already negotiated a deal with a multi-national company to sell 13 of the units and the freehold of the land, which were immediately let to corporate tenants and are being used as serviced apartments for pilots and airline executives.

The remaining apartments are now on the market.

Marc Goldberg, commercial CEO at Together, said: “We were delighted to help our client realise their ambitions by delivering the finance they needed to seize this opportunity in a very short timescale. 

“Working together, we showed the speed, flexibility and service for which we’ve become renowned to make sure we secured the best outcome for the client.”

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