Bridging lender Together has provided a £7.5million bridging loan for a student landlord to expand his portfolio.
The entrepreneur had initially spent more than five months attempting to secure the finance he wanted to buy a purpose-built student accommodation block in Birmingham.
As the deadline to complete the multi-million pound purchase loomed – and having lost his patience with the initial lender – he turned to specialist distributer Watts Commercial Finance who brought the case to Together.
Marc Goldberg, the lender’s commercial chief executive said: “We received a call from Mark Jerman, Watts Senior Commercial Manager, and agreed the deal, subject to legals and a valuation, on the same day.
“We agreed to accept a readdressed valuation and provided the bridging loan in three weeks, crucially within the client’s timescale. Over the years, Together has built up a great relationship with our partners at Watts, who have the skills, knowledge and experience needed to quickly provide all the information we required to make a decision.
“We’re incredibly proud that the whole team, including our specialist underwriters and in-house legal team at Priority Law, pulled out all the stops to meet this client’s property ambitions.”
Mark Jerman said: “Our client had been waiting for months to find out whether he’d secured the finance from his original lender, but it took only three weeks from formal offer to the client receiving the funds from Together – it was amazing.
“From the outset, we made it clear that the finance was needed by a set completion date and Together took an extremely pragmatic lending approach, clearly laying out the terms of the loan and the timescales to which they would deliver – everything was seamless.”
He added: “We have a delighted client who has been able to add another property to his extensive and successful portfolio.”