Master broker CSC Loans has completed a £1.435 million second charge buy-to-let loan with Together.
It represents the lender’s largest such loan to date.
The client needed the funds to redeem a second charge bridge facility secured against the property. However, the first mortgagee initially refused consent for the second charge, stating their terms had changed since the initial bridging loan had been taken out.
CSC Loans approached the customer service team, pointing out that the client wanted to replace a high-cost bridging facility with a term loan at a lower rate, that would save them over £5,000 per month. In this case, under the principles of treating customers fairly, the mortgage lender agreed to reverse their decision and grant consent.
CSC Loans then submitted the application to Together, knowing the lender’s common sense approach and ability to respond quickly would be essential in helping their client secure the property.
Mark Fry, managing director at CSC Loans, said: “This is a classic example of where the expertise of a specialist second charge master broker like ourselves can make all the difference in obtaining the desired outcome. We write a number of cases every month where a sourcing system wouldn’t find a suitable product, as they don’t quite fit the lenders’ published criteria.
“Due to our knowledge of the market and relationships with lenders like Together, we know who to approach and how to present the application to evidence that it makes sense, and that the loan is both beneficial and affordable.”
The application was made through Together’s online portal, MyBrokerVenue, and funding was delivered within two days.
Marc Goldberg (pictured), Together’s commercial CEO, said: “The team at CSC Loans have an excellent reputation for presenting large, complex applications clearly, and that makes it easy for us, as a lender, to make an informed decision as quickly as possible. As a result, we’ve established a solid partnership, with a shared aim of delivering the best possible outcome for the customer.
“Their understanding of our criteria means they know which cases are right for us and this was an example of a good quality client that had additional security, which helped us to ensure a smooth completion.”