£7.9m commercial term loan secures time-sensitive deal for a Scottish office block.

The ask

December is normally the most wonderful time of the year.

But, when broker GDP Funding Ltd needed funding for a client’s multi-million-pound office block purchase in Scotland, they found that some lenders couldn’t meet their tight turnaround due to the holiday season.

The application also needed to be leveraged against the full market value of the property and utilise a non-standard repayment structure due to Scotland having different quarter dates for rental collection than the UK standard.

The deal would also require a Heter Iska agreement to adhere to the client’s religious beliefs.

Here’s how Together’s expert team worked quickly, providing a £7.9m commercial term mortgage in time to secure the high-value asset.

The solution

Being a complicated case, our expert team had little time to lose if we wanted to get the funding approved and in the client’s account before the quickly approaching deadline.

Senior Underwriter Emma Goodyear quickly conducted a high-level cash flow analysis of the partially let property and engaged with several key departments within Together to ensure that the unusual request could be accepted and supported within the timeframe.

Emma then liaised with the broker and external Scottish lawyers to ensure the timely completion.

“Not only did this deal require a very tight turnaround, it also required an acute understanding of Scottish property, business and legal practices to ensure that it was structured in the right way for the client.

Together works with brokers and clients throughout the UK so we’ve got the experience and expertise needed to streamline these processes, allowing us to tackle other challenges and deliver funding at speed.” - Emma Goodyear, Senior Underwriter at Together

The result

Meeting the deadline allowed the client to secure the site and avoid additional penalties from breaching their purchase contract.

“My client required a very quick turnaround to complete the purchase prior to year end which other lenders were unable to meet given the time of year and was understandably concerned that the whole deal could fall through.

Emma and the team at Together worked tirelessly and diligently to make sure that didn't happen, working with us to quickly iron out any issues. Along with the funding, they provided clarity, communication and assurance at every step.” - Paul Wilcox, Co-founder at GDP Funding.

At Together, we have the appetite and ability to support your client’s ambitions, providing larger loans of over £1million with speed and certainty.

Speak to our dedicated Together Premier for Intermediaries team to see how we can help you place even more of your larger loan cases for both personal and commercial purposes.