Together delivers £2.9m for a property developer to buy a London care home.
Together provided a bridging loan of nearly £2.9million for a borrower to purchase a vacant care home in London in ten working days.
The experienced developer was able to snap up the disused 22-bedroom care home, set in four acres of green belt land, which had previously closed. It had been put on the market and earmarked as a housing site in the local council’s plans.
However the developer, who owns an extensive property portfolio, recognised there was a continuing need for specialist care in the area and lined-up a care home operator, who agreed to lease it once it is refurbished and extended.
Together received the application from broker Enness Global, which provides finance for High Net Worth (HNW) individuals, and instructed a valuation of the large property. The unregulated bridging loan was funded in ten working days after receiving the valuation, allowing the purchase of the site for £4.5million.
Lorenzo Satchell, Together’s Regional Account Manager for London, who structured the deal, said: “This was a complex case and we were up against a tight deadline to provide the finance, but we showed the common sense and flexibility for which we’ve become renowned to make sure we could deliver on time.
“Our expert underwriters and in-house team at Priority Law looked closely into the borrower’s application, keeping all parties up-to-date with every aspect of the deal as it progressed, and, working closely in partnership with Enness, we pulled out all the stops to meet the seller’s deadline.”
Chris Whitney, Head of Specialist Lending at Enness Global, said: “The speed at which Together provided the finance our client needed was impressive by anyone’s standards. We faced some challenges along the way and the patience and perseverance of Together’s team was essential as they worked with us to resolve issues effectively.
“Our client was delighted with the outcome and has now put forward a proposal to the local authority planners to build new homes on part of the site, to meet urgent local housing needs. Hopefully, this will be agreed – giving the local community the best of both worlds.”
Together has been delivering specialist secured lending for more than 47 years, using its wealth of expertise and industry knowledge to consider individual circumstances to find a way to help its customers. All applications are considered on their merits and the commercial product range includes short-term finance, buy-to-let, commercial and semi-commercial mortgages and loans, auction finance and development funding throughout mainland UK.
Lending decisions are subject to an affordability/creditworthiness assessment.
Any property used as security, including your home, may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.