Broker Finance 4 Business (F4B) and specialist lender Together completed a £500,000 bridging loan in just seven working hours from enquiry to completion.
The super-fast finance deal arose after a client of F4B, looking to expand by buying adjoining land, feared they would not be able to complete on time – meaning they would lose their £50,000 deposit – after a final-day legal hitch threatened to derail the deal.
A longer-term loan facility with Atom Bank was in place but, because of a delay in returning searches, the customers were in danger of missing the seller’s deadline.
Knowing its reputation for speed and service, F4B contacted Together, which provided a bridging loan within hours, using the existing valuation and supporting documentation from Atom. The bridging loan was instructed on 1pm on Thursday with the funds released at 12pm the following day.
Guy Collier, the IFA who dealt with the case, said the client and broker were “delighted” with the service and outcome. He said:
“I would also like to place on record my personal thanks to Finance 4 Business for their help, support and expertise throughout this case. The borrowers are valued clients of ours and we are very happy to have helped find a solution for them in their time of need.”
Russell Martin, managing director of Finance 4 Business, said:
“Short-term finance is an evolving market, with completion timescales increasing in the main. It is refreshing to see that, when required, quick bridging loans can still be provided.
“Relationships are key to completing deals at speed, and understanding the nuances and processes of specific lenders is paramount. F4B’s relationship with Together continues to blossom, borne out by another strong trading month, where we have completed over £10m of transactions.”
Marc Goldberg, commercial CEO at Together, said:
“This was a fantastic result for all involved. Our team worked closely with the valuer, solicitors, and F4B’s senior adviser, Steve Court, to make the funding available very quickly to secure the deal.
“It was a great outcome for the customer. They may have lost their £50,000 deposit if they hadn’t met the deadline and the price of the land would also have increased. This facility allowed the deal to complete on time so the clients could buy the land they needed to expand, at the agreed price, without any interruption to their business.”
Mr Court managed the transaction with the support of Mr Goldberg, Together’s lending director Ritchie Watson and commercial case manager Elaine Bradbury. They were supported by Charles Stratton and Shaun Dixon from Priority Law, business development manager Spencer Ford from Atom Bank, and Lauren Robertson, operations manager at Method Valuations UK Ltd, the valuation panel manager involved.
During November, Finance 4 Business completed £10,058,814 of loans, across 15 cases with Together. The specialist lender announced its latest quarterly results last month, revealing that its loan book reached a new high of £3.01bn at September 30, 2018, up 27.1 per cent on the same period last year.