£2.8m bridging loan delivered in 11 days rescues Isle of Wight commercial auction purchase.
When an auction winner was let down by a lender last minute, they turned to Together and broker EquityOne Finance Ltd to save the purchase with a £2.8m commercial bridging loan.
The catch? There was only a limited time to complete the deal before the auction deadline was due to expire, putting the client at risk of losing both their business opportunity and £270,000 auction deposit.
The ask
With a large three unit retail property in Newport, Isle of Wight, secured at auction, the successful bidder was in the early stages of finding the multi-million-pound finance needed when they started to get concerned.
“The client had approached another lender, but the initial process was just taking too long, and they weren’t convinced that everything would get signed off in time. It was a risky move being part way through a process, but they felt like they needed to explore other options,” Dale Robinson, director at EquityOne explained.
“Dealing with larger £1m+ cases, you often expect a bit of delay and caution. Add in the tight auction deadline, a tenanted commercial property, and different security types, and this case was more complex than your average deal.”
Knowing our reputation for speed and expertise dealing with complex cases like this, Dale turned to Together for the support to save his client’s plans.
The solution
Our team at Together quickly identified the application as a perfect fit for our Premier for Intermediaries service, led by Dan Narwal, Intermediary Corporate Account Director, and designed to streamline and speed up larger loan cases over £1m.
Kerry Jordan, the Key Account Manager for the case at Together, told us how the expert team of underwriters, legal teams and case managers sprang into action.
“We’ve always been great at these fast turn arounds, but the dedicated processes and team we’ve now put in place has supercharged how we react to larger loan requests.
“From Ben (Eckersley, Senior Corporate Underwriter – Corporate Lending Team) structuring the initial deal in hours, to Dave (Taberner, Corporate Completion Manager) working with our partners at Priority Law to finish the legals quickly, the teamwork was off the charts.
“All underpinned by Becky (Ahmad, Corporate Case Manager) who’s fast responses and terms to the broker, including clear, consistent communication throughout, really helped to manage expectations and keep everyone informed.”
One of the complications our team had to navigate was that the client needed to borrow a high percentage of the auction purchase price, meaning that the LTV would have been above the level we would accept.
Instead of a stumbling block, we quickly suggested a solution. We allowed the client to add an unencumbered block of tenanted flats in London as extra security, bringing down the overall LTV to an acceptable range.
The result
We were able to provide the £2.8 million commercial bridging loan in 11 days, easily meeting the client’s auction timeline and saving their deposit in the process.
“This is exactly the kind of case we created Together Premier for Intermediaries for.
“Across the industry, it’s common to hear that brokers get frustrated when placing million-pound-plus cases and stick to smaller, simpler applications. We wanted to change that with a service that streamlines the process and delivers positive outcomes for clients at speed,” said Dan.
Delighted with the service, Dale from EquityOne added: “It was a pleasure to work with the entire team at Together. Every interaction and process was clearly communicated and efficiently executed, from application through to completion and funding.”
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