Together expands second charge range into commercial sector

Together has launched a new suite of commercial and semi-commercial second charge products as demand grows for capital raising without refinancing existing debt.

The Cheadle-based lender has introduced commercial term second charge, semi-commercial term second charge and bridge second charge options, aimed at brokers placing cases where clients want to retain favourable first charge rates or avoid early repayment charges.

The move reflects increasing use of second charge lending across both residential and commercial segments, particularly as higher rates and tighter criteria make full refinancing less attractive.

The new products allow borrowers to release equity from commercial and mixed-use properties, with semi-commercial cases defined as those with at least 60% of floorspace or land used for residential purposes and let separately from business premises.

SPEED AND FLEXIBILITY

Term products are available up to 65% LTV with loan sizes up to £1m, while bridge second charge options provide short-term funding over 12 months, also up to 65% LTV.

The proposition is expected to appeal to brokers supporting clients with investment, refurbishment or business funding requirements, particularly where speed and flexibility are key.

Tanya Elmaz (main picture), managing director of intermediary sales at Together, said: “We’re always looking at how we can improve our products to meet market demand, and these latest launches provide brokers and their clients with even more choice.”

CAPITAL RAISING

She added: “Many commercial or semi-commercial property owners are seeking ways to raise capital without refinancing their primary loan, and second charge solutions are becoming increasingly valuable in achieving this.

“These updates strengthen our position in the commercial lending space, offering market-leading rates and the speed and common-sense approach that Together is known for.

“Whether customers are looking to invest, refurbish or support business growth, our new products can help them move quickly and confidently to achieve their property ambitions.”