Specialist lender Together has partnered with broker The Loan Partnership (TLP) to provide a £160,000 regulated bridging loan in just nine days, enabling clients to secure a £100,000 five-bedroom semi-detached fixer-upper at auction.
The quick funding prevented the buyers from losing their £10,000 deposit after another lender withdrew at the last minute. Together, based in Cheadle, Greater Manchester, with a loan book of £8 billion, provided a 12-month regulated bridge secured against both the couple’s current three-bedroom flat and the new property.
The short-term facility allowed the buyers to meet the strict auction deadline. They plan to invest nearly £50,000 in home improvements, with work expected to be completed within eight weeks.
Sally Precious-Ward, intermediary relationship manager at Together, said: “Our regulated bridging products are designed for exactly these types of situations, where clients need fast, pragmatic solutions to secure their home purchase.
“Working alongside The Loan Partnership meant we could move with precision and pace, ensuring a smooth and successful completion. We’re delighted with the result and pleased to have supported such an efficient turnaround.”
The buyers initially approached TLP after their original broker warned that the deal was at risk of missing the auction funding deadline. Auction property purchases typically require completion within 28 days and involve a 10% deposit once the hammer falls.
TLP prioritised the case, completing the facility in just nine days and preventing the clients from losing their home and deposit.
Sarah Gaffney, operations director at TLP, said: “This case demonstrates the real power of specialist lending when speed, expertise and reliability are essential.
“Auction timelines are unforgiving, and when clients face the possibility of losing their deposit, every hour matters. We were dedicated to turning this around quickly, and Together were outstanding partners throughout. The clients were overjoyed, and we’re extremely proud of the outcome we achieved for them in partnership with Together.”
