Together and Dolphin Loans and Mortgages have completed a bridging loan in one working day to help a customer to refinance and avoid a costly renewal with the previous lender which would have totalled £70,000.
The customer had approached Dolphin Loans to find an alternative lender with just three days left on their existing facility and faced a large renewal fee plus penalty charges if they couldn’t move the loan.
Dolphin Loans presented the case to Together and following a review of the application and valuation of the property – a prime London mews – Together agreed the full amount requested of £942,590.
The funds were delivered just one working day after receiving the application, allowing the customer to pay off the existing loan without any costs incurred.
Jerry Matthews at Dolphin Loans said: “Together ticked all the boxes with regards to loan-to-value, interest rate and minimal cost for the facility the client required. Having been providing bridging loans for many years, Together boasts vast experience, a common sense philosophy, autonomy over the final lending decision and independent solicitors who are on hand throughout. They are without doubt the best in the business when it comes to bridging.
“We would especially like to thank the underwriters and solicitors who were all very helpful and worked hard to get this loan paid out in time.”
Marc Goldberg (pictured), Together’s commercial CEO, added: “Our agility really sets us apart from other lenders and that’s why brokers like Dolphin Loans know they can turn to us in situations where timescales are extremely tight. Thanks to our manual underwriting and the expertise of our team, we’re able to make swift decisions applying our common sense approach.
“We’re delighted that in this case we were able to assist the customer in avoiding a renewal fee, delivering significant savings whilst also providing the right facility for their needs. It’s a great outcome all round.”