Together lends £7.5m for PBSA block purchase

Together has completed a £7.5m bridging loan for an experienced landlord looking to acquire a PBSA block in Birmingham.

As there were delays in securing finance from the initial lender, and the deadline for completion was fast approaching, the client contacted Watts Commercial Finance, which brought the case to Together.

“We received a call from Mark Jerman, Watts Commercial Finance’s senior commercial manager, and agreed the deal, subject to legals and a valuation, on the same day,” explained Marc Goldberg, commercial CEO at Together (pictured above).

“We agreed to accept a readdressed valuation and provided the bridging loan in three weeks, crucially within the client’s timescale.”

The lender provided the £7.5m facility at a rate of 0.75% over a 12-month term.

Marc added: “Over the years, Together has built up a great relationship with our partners at Watts, which has the skills, knowledge and experience needed to quickly provide all the information we required to make a decision.

“We’re incredibly proud that the whole team, including our specialist underwriters and in-house legal team at Priority Law, pulled out all the stops to meet this client’s property ambitions.”

Mark commented: “Our client had been waiting for months to find out whether he’d secured the finance from his original lender, but it took only three weeks from formal offer to the client receiving the funds from Together.

“From the outset, we made it clear that the finance was needed by a set completion date and Together took an extremely pragmatic lending approach, clearly laying out the terms of the loan and the timescales to which they would deliver – everything was seamless.” 

In May, Together has lent £300m in a single month, a first in the specialist lender’s 48-year history.

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