Stockport based lender Together stepped in with a three-day finance package to save a commercial property deal after the initial lender entered administration.
A pair of businessmen who faced losing a property deal when their initial lender went bust have now bought their office – after Together provided a finance package in just three days.
The customers, who are partners in a surveying firm, believed they’d already secured the £120,000 they needed through a different lender, to buy the business premises in West Sussex.
A broker had referred them to a specialist distributer when they were searching for a high loan-to-value (LTV) commercial mortgage, and the surveyors exchanged on the office just before Christmas.
However, Brightstar Financial, which had initially arranged the commercial loan, had to find a new lender for their clients after the original finance firm announced it had gone into administration.
With just three days to complete the deal – as the January 11 deadline loomed – Brightstar brought the case to commercial property finance experts at Together.
Marc Goldberg, commercial CEO at Together, said:
“The clients are partners in a well-established surveyors’ office who were buying the premises they’ve rented for years. Having thought they had their finance in place, they were left high and dry when their original lender called in the administrators, meaning they were unable to secure the loan.
“Fortunately, we have an excellent and long-standing relationship with Brightstar and, once they contacted us, we knew that they’d be able to provide all the information we needed to make a fast lending decision.”
After carefully examining the case and working with its team of specialist underwriters and solicitor partners, Together agreed to provide a 20-year commercial mortgage at 80% LTV and crucially, provided the finance before the customers had to complete on the property.
“The client had been in a very difficult situation,” said Tony Carter, commercial specialist at Brightstar Financial. “We were able to work in partnership with Together, working round the clock to ensure we were able to complete the loan in just three days from initial enquiry.
“It goes to show how important partnerships are in this business and that, if you choose the right partner, you can make the seemingly impossible a reality and get a great outcome for the customer.”
Pictured: Marc Goldberg, commercial finance CEO at Together.