A commercial investor secured a £2.8m unregulated bridging loan to complete the purchase of two tenanted retail units in Newport, Isle of Wight, within 11 days of application, according to details released by specialist broker EquityOne Finance Ltd.
The transaction, processed through Together’s intermediary service, allowed the buyer to meet a 28-day auction completion deadline and avoid forfeiting a £270,000 deposit. Together currently manages an £8.1bn loan book.
Auction deadline drove transaction timeline
The client had won the two high street shops at auction but had not arranged funding before bidding. With 28 days to complete, the buyer initially approached another lender but switched midway through that process due to concerns about timing.
Together provided a 12-month bridging loan secured against the Newport property and an additional block of tenanted flats in London. The loan was arranged through the lender’s intermediary service, which launched in February under Dan Narwal, who specialises in larger commercial loans.
Broker commentary
Dale Robinson, director at EquityOne, said: “Dealing with larger £1m+ cases, you often expect a bit of delay and caution. Add in the tight auction deadline, a tenanted commercial property, and different security types, and this case was more complex than your average deal.”
Robinson added that the client “weren’t convinced everything would be signed off in time” with their initial lender, prompting the switch to Together partway through the process.
Dan Narwal, intermediary corporate account director at Together, said the service aims to “streamline the process and deliver positive outcomes for clients at speed” for applications over £1m.
Market context
The case illustrates the role of bridging finance in auction property purchases, where buyers face fixed completion deadlines. Commercial property auctions typically require completion within 20 to 28 days, with deposits at risk if buyers cannot secure funding in time.
The transaction involved multiple security types, with the primary security being the purchased commercial property and additional security from an unencumbered residential block in a different location. Such arrangements allow buyers to access higher loan amounts but add complexity to underwriting processes.
The 11-day completion timeline is notably short for a £2.8m commercial loan involving multiple security assets across different regions.