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Launching our commercial bridging product with Tenet following double success

21 December 2017

We’re very pleased to have launched a commercial bridging product with the Tenet Group, after providing short-term finance for two deals worth more than £220,000.

We started the pilot for brokers within the Tenet networks after providing fast and flexible funding for two commercial cases.

In the first case, a pair of buy-to-let investors borrowed £71,000 to fund the purchase of a fifth-floor residential apartment in a 26-floor luxury block at Media City, Salford Quays, home to the BBC’s headquarters in the North. They had to move fast, or risked losing out on the property in the much sought-after Media City Tower block, in an area where property prices have soared over recent years.

Meanwhile, in a separate case, three investors approached a broker in the Tenet network for a bridging loan of £154,230, which would allow them to buy a commercial unit and four flats in the holiday resort of St Leonards-on-Sea in Hastings, East Sussex.

Knowing our reputation for speed and service, the network referred the broker to us to review the case, and we provided the funding in less than 72 hours, for the customer to complete the purchase.

John Truswell, our head of national accounts, said: “These are fantastic examples of where our agility as a specialist lender enables us to deliver funds against tight deadlines that many mainstream lenders would struggle to meet.

“Both cases involved exceptional teamwork between the broker, our commercial underwriters and solicitors, to get the best possible outcome for the customers, who were certainly happy with the results.”

We announced in June our partnership with selected broker networks across the UK as part of major plans to grow our business, allowing thousands of new brokers access to our first charge mortgage products and common sense approach.

We have built on this strong partnership with Tenet since broadening distribution of our residential mortgages – introducing our short-term commercial product with the network last month.

Martin Greenwood, chief executive of Tenet Group, said: “Together launched its commercial bridging product with us, following a good response from brokers in our network to its first charge residential product and it’s fantastic to see that our new relationship is really starting to bear fruit.”

We revolutionised our process for commercial bridging applications earlier this year, making it easier and quicker than ever for brokers to submit cases online. We delivered £677.5 million in short-term finance for the year to 30 June 2017 and were named ‘Specialist lender of the year’ by the National Association of Commercial Finance Brokers (NACFB) this month.


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