The borrowers, a husband and wife team who are both directors of a retirement home development business, were looking to raise capital to improve business cash flow, with a short-term loan secured against their £1.27m house.
The introducer approached Truffle Specialist Finance who brought the case to Together.
Together provided the 12-month, 45% LTV facility within 24 hours of being contacted by Truffle.
Finance will be used to complete works at an assisted living scheme, a development which is now nearing completion.
The borrowers will exit the bridge through remortgaging their property with a mainstream lender.
- The Finance Professional Show 2023: The Video
- Together and Karis Capital team up to deliver £4.6m unregulated bridging loan
- Together completes £3.5m unregulated bridge for resi property investment
Michael Schofield, underwriting director at Together (pictured above), said: “This is the kind of situation when bridging finance really comes into its own.
“Truffle’s clients were facing cash flow issues and had an extremely tight deadline to finish off the work, so the apartments at their luxury retirement complex would be ready to go on the market.
Luke Egan, director of bridging and development at Truffle Specialist Finance, said: “Having partners that offer of this type of industry leading service allows us to do what others may think isn’t possible and puts us in a great light as far as our introducers and clients are concerned.”
Leave a comment