Together resolves £3m deal through short-term loan
Together has resolved a £3m deal through a short-term loan, agreed within four hours.
The property was a £2.85m, six-bedroom home in the Cornish holiday resort of St. Mawes.
The £3m commercial bridging loan was secured against both the Cornish property and a property in Manchester.
The borrower was Mathew Rees, chief executive of Beneficial and director of St. Mawes Estates, which owns an estimated 200 buy-to-let properties.
Rees’ firm had previously agreed finance with another specialist lender and had exchanged contracts with the owner of the coastal property; however, the day before the deadline, solicitors emailed asking for additional information about the company and its director.
Rees said: “We were buying the house under our limited company, but a second property we were using to secure the loan was in [our] personal names.
“Everybody knew this from the start, and it shouldn’t have been a surprise for the solicitors, but the day before the completion deadline, we were contacted by them asking us to provide information that would take us two weeks to put together.
“This put us in danger of missing the completion date and losing the property altogether, which would have meant the contract would be null and void.
“Knowing the speed at which Together can turn around bridging finance applications, I gave them a call.
“Within five minutes I had a call back from Marc Goldberg, commercial chief executive at Together.
“He said he’d seen the valuations, and knew me and my background, and agreed to release the money that day. That was at about 11.15am and the deal was done by 3.10pm in the afternoon.
“It was absolutely fantastic. The underwriters and Together’s solicitors, Priority Law, were amazing in doing all they could to make sure we could complete the deal.
“We were put in a really difficult situation to start with by the initial lender but this was an incredibly quick completion and a great result.”
Goldberg said: “Pendragon must be one of the most prestigious properties in the area. It’s in a beautiful coastal setting and will be a fantastic investment.
“We knew when we first had the call from Mathew Rees that this deal made sense. We looked into his background, the property and the popularity of the area, and we were happy to be able to offer him the finance he needed to rescue the purchase and expand his company’s portfolio.”