Exclusive: Together and SPF fund school conversion

Exclusive: Together and SPF fund school conversion




Specialist lender Together has joined forces with SPF Short Term Finance (SPF) to provide funding for the purchase of an 18th-century, Grade II-listed building, which will be converted into a school.

The customer initially approached broker SPF to secure a £1m loan, and provided two separate properties as security at an LTV of 56%.

SPF turned to Together in order to expedite the process, and the pair were able to deliver the funding within three days of the solicitors being instructed.

Marc Goldberg, Commercial CEO at Together, said: “This case highlights what makes us different to other lenders; firstly our individual approach – allowing the customer to use two other properties as security for this purchase – and secondly the speed of our service.

“We’ve worked with SPF for over 10 years and their understanding of our offering and our appetite to lend has resulted in an excellent relationship that delivers great results for lender, broker and, most importantly, the customer.”

Together says the customer had a successful track record in the private-schooling industry, and revealed that one of the secured properties had a value exceeding £3m.

Chris Borwick, Director at SPF, added: “We were delighted with the outcome and really appreciated the efforts of the team at Together to help get this completed in such a short space of time. 

“A loan of £1m secured by two second charges in just three days is really impressive.”

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