Together delivers £3.7m of regulated bridging loans in three days

The specialist lender completed two of the first charge loans – for £1.4m and £831,300 – on the same day and three days later they funded another for £1.5m.

Due to the tight timescales, the broker for all three deals Dolphin Loans approached Together in the hope that the lender’s speed and flexibility would allow them to meet the deadlines.

Each case was reviewed by Together and the funding of the loans was provided earlier this month following the launch of its lowest-ever regulated bridging loan at 0.49%.

The first clients applied for a regulated bridging loan, which was secured against their £3.25m home to repay an existing bridge and raise funds for their business.

They plan to sell the property in Gloucestershire to repay the loan before downsizing.

With regards to the second loan, the customers took out the bridging loan to clear their existing mortgage with a mainstream lender, before selling their £1.3m property to exit the bridge and move to a smaller home.

Together provided the third loan to a customer in Cambridge for £1.5m to help him clear part of his cross-charge bridge of £4.6m.

“These are excellent examples of the benefits of bridging finance, and the success that comes from working in partnership with a trusted broker to get the best outcome for the customers,” said Richard Tugwell, intermediary relationship director at Together (pictured above).

“Dolphin Loans contacted us because they know our track record of turning around funding quickly, providing a service that many mainstream lenders simply wouldn’t be able to match.

“They came to us with three well-presented applications, making the process as quick as possible, and we were delighted to provide the fast and flexible short-term funding needed to help their customers realise their plans.”

Together’s limited edition product is its lowest published bridging rate in its 43-year history.

The rate is available for loans up to £2.5m, with larger applications considered on an individual basis, and no maximum age limit.