Together and First 4 Bridging have worked together to produce a £400,000 commercial bridging loan in nine working hours.
A portfolio landlord, who owns 10 investment properties, wanted to move quickly to buy an office building in London, which had just gone on the market.
He approached First 4 Bridging for advice and the specialist distributer brought the case to Together.
The lender’s underwriting team reviewed the application with its in-house legal team, Priority Law, and agreed to secure the loan against a property in the investor’s portfolio, a terraced rental house in East London.
Lorenzo Satchell (pictured), regional account manager at Together, said: “Our trusted partners at First 4 Bridging brought this expertly-packaged case to us on the Tuesday. We used a Hometrack automatic valuation and instructed solicitors less than two hours later.
“The case was completed and the funds released to the customer just after lunch time the following day, allowing the customer to press ahead with expanding his portfolio.
“The speed at which we were able to provide this bridging loan underlines the huge benefits of our specialist underwriting team, and solicitors, working closely with our long-term and key partners at First 4 Bridging, to help their client realise his ambitions.”
Myles Williams, CEO at First 4 Bridging, added: “As a business, we’re currently seeing huge amounts of activity within the commercial and semi-commercial property sectors and these are areas which will continue to grow in Q2 and beyond.
“Speed is a critical factor when it comes to bridging finance and the strength of our long-standing relationship with Together means we have a clear insight into how their products and criteria can provide the right outcome within certain timeframes.
“Together is well-known for delivering at speed and allowing clients to seize commercial opportunities time and time again. With many more transactions in the pipeline, we look forward to working closely with the team to offer access to the types of lending solutions and service levels that our clients demand.”
