Crystal Specialist Finance & Together complete a £600k bridging loan
Crystal Specialist Finance has completed a £600k bridging loan with Together in just six days, allowing the applicants to pay an inheritance tax bill to access a £5m property portfolio from their deceased father.
The customers, three sisters, had applied for a longer-term facility from their introducing broker, but due to the tight timescales, they needed to access funding fast to bridge the gap.
Their broker turned to CSF which approached short-term finance provider Together, knowing their track record of delivering against tight deadlines.
After reviewing the case the lender agreed to provide the funds needed, with the exit strategy being to refinance for the longer-term. The deal was secured against four flats on one title, valued at £1.8m, with both legal and valuations instructed straight away ensuring quick completion.
Jo Breeden, CSF managing director, said:
“This is a fantastic example of how bridging finance is adapting to meet varied market demands, and how the right distributor and lender can move extremely quickly to meet the best interests of the applicant in terms of loan size, term and exit strategy.”
Marc Goldberg, commercial CEO at Together added:
“Bridging finance can serve a wide variety of purposes and in this case, ensured the customers’ inheritance whilst the longer-term facility is put in place. Crystal Specialist Finance know they can trust us to deliver in situations like this, where time is of the essence, and worked closely with our team at Together to provide the best outcome for the customer.”
CSF operates across five specialist divisions: bridging, commercial, development finance, second charge loans and specialist mortgages. The business is open to applications on all types of properties in England, Scotland and Wales, with the company having access to over 70 lenders, including exclusive product lines.