We use cookies to give you the best possible experience on our website. If you continue without changing your settings, we'll assume that you're happy to receive all the cookies on our website. However, you can change your cookie settings at any time.

Your Privacy

When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalised web experience.
Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.

Strictly Necessary Cookies

(Req)

These cookies are strictly necessary for the Website to work properly and for us to keep it secure. They are needed to allow users to use the Website and its features, including to move between pages of the website.

These cookies are required

Performance and analytical cookies

These cookies allow us to collect certain information about how a user navigates the Website. These cookies collect information that is used either in aggregate form to help us understand how our site is being used or how effective are marketing campaigns are, or to help us personalise our site for you.

Marketing cookies

These cookies are used to make advertising messages more relevant to you. We may use this data to tailor the marketing and ads you see on our own and other websites and mobile apps, including social media.

Three-day finance saves a commercial property deal

28 January 2019

A pair of businessmen who faced losing a property deal when their initial lender went bust have now bought their office - after we provided a finance package in just three days.

The customers, who are partners in a surveying firm, believed they’d already secured the £120,000 they needed through a different lender, to buy the business premises in West Sussex.

A broker had referred them to a specialist distributer when they were searching for a high loan-to-value (LTV) commercial mortgage, and the surveyors exchanged on the office just before Christmas.

However, Brightstar Financial, which had initially arranged the commercial loan, had to find a new lender for their clients after the original finance firm announced it had gone into administration.

With just three days to complete the deal - as the January 11 deadline loomed - Brightstar brought the case to our commercial property finance experts.

Marc Goldberg, commercial CEO, said: “The clients are partners in a well-established surveyors’ office who were buying the premises they’ve rented for years. Having thought they had their finance in place, they were left high and dry when their original lender called in the administrators, meaning they were unable to secure the loan.

“Fortunately, we have an excellent and long-standing relationship with Brightstar and, once they contacted us, we knew that they’d be able to provide all the information we needed to make a fast lending decision.”

After carefully examining the case and working with our team of specialist underwriters and solicitor partners, we agreed to provide a 20-year commercial mortgage at 80% LTV and crucially, provided the finance before the customers had to complete on the property.

“The client had been in a very difficult situation,” said Tony Carter, commercial specialist at Brightstar Financial. “We were able to work in partnership with Together, working round the clock to ensure we were able to complete the loan in just three days from initial enquiry.

“It goes to show how important partnerships are in this business and that, if you choose the right partner, you can make the seemingly impossible a reality and get a great outcome for the customer.”


Share

Build: 1.3.7.29140