Together completes two week bridge
Together and Creative Commercial Funding have completed a loan for £1.75m that saved a development with planning permission for 218 homes in Birmingham.
The developer had committed a deposit of £1m and had an agreed forward sale which fell through at the last minute, leaving him at risk of losing both his deposit and the site if he couldn’t raise funds of £1.75m, on a loan-to-value of 63%, to complete the land purchase.
The client approached Creative Commercial Funding, a master brokerage, to help save the deal.
Together’s commercial board director Marc Goldberg said: “Our commercial partners appreciate our common sense approach to lending and know that once we commit to the deal, we will do everything we can to turn it around as quickly as possible.
“In this case, we instructed our solicitors at Priority Law immediately and had one of our panel valuers out within two days to assess the site.
“As a master broker, Creative Commercial Funding has a solid understanding of our requirements as a lender and with all parties working together, we were able to deliver the funding in less than two weeks.”
Creative Commercial Funding’s managing director Aidan Tiernan added: “Thanks to the quick turnaround on funds from Together, we ensured our client didn’t forfeit his £1m deposit and retains full ownership of the site for development.
“In the commercial property market speed is of the essence and this case is a great example of the positive outcomes that we can achieve with a unified approach and a mutual commitment to the client.”