Together saves large commercial property deal

Tony Rowe OBE – a well-known figure in Exeter thanks to his various business interests and position as chairman of Exeter Chiefs Rugby Club – had taken an option to buy the 46-acre industrial estate many years earlier, however, he risked missing the deadline due to funding.

The estate only had planning permission for 12 of its 46 acres, which posed a problem for mainstream finance providers. Coming to Together via his advisory firm the Prydis Group, we assessed the case and agreed to provide a £2.5m short-term loan on land valued at £3.2m, with additional security provided, to allow him to complete the purchase. We then delivered the funding in just 12 working days.

Tony said of the deal: “This was a great result for all concerned. Our intention, now that the purchase is complete, is to obtain planning permission for commercial uses on the full estate, creating industrial units and offices for businesses in Exeter. Time is of the essence when it comes to securing commercial property deals and the team at Together acted fast, demonstrating their commercial acumen and agility, in order to complete the deal in time.”

As a commonsense lender, it was clear to us that this was a good business deal, despite the issue with planning permission. This is where specialist short-term finance providers like ourselves have a real competitive advantage, as we can look at the bigger picture and take an individual approach to each case.

Exeter Estates is an established business and has a clear exit strategy planned. They will reap the rewards of the increased land value once further planning is secured, showing how short-term funding can provide real, long-term gains.