Specialist lender Together helped get a property developer back on track by agreeing a short-term loan of £102,600 to fill a bridging finance gap in just 48 hours!
Cheadle Royal based Together and Crystal Specialist Finance stepped in when the property development company was let down at the last minute by another bridging finance provider.
The company needed the funds for a development of seven flats and a two-bed townhouse which, although close to completion, required additional finance quickly so that the project was not delayed.
The developers intend to refinance in six months when they let the eight rental properties and, thanks to the fast funding from Together, they are back on track to finish the project as planned.
Jo Breeden, managing director of Crystal Specialist Finance said:
“This case was quite straightforward, but the initial lender simply couldn’t deliver in the timescales. Thankfully, Together stepped in and delivered the loan within just 48 hours – a huge relief for the customer and a great outcome.”
Together’s commercial CEO Marc Goldberg said:
“We pride ourselves on our speed of service when it comes to bridging. We see so many scenarios like this where other lenders make promises and then don’t deliver, but when we’ve committed to lend to a customer, we will do all we can to provide the funds as quickly as possible.
“Our broker partners like Crystal Specialist Finance know they can rely on us in unusual or complex situations, even when the deadlines are extremely tight. When we saw this development, which is of a really high standard and was very close to completion, we agreed to provide the funds within the timeframe. Our underwriting team and solicitors worked closely with the client’s solicitors to make it happen and we’re delighted that the development will now be completed as planned.”
Together has been providing finance for 44 years and announced record lending for the 12 months to 30 June 2017, with a current loan book of more than £2.37 billion.