Specialist lender Together has provided a £160,000 regulated bridging loan in nine days to enable buyers to complete on a five-bedroom semi-detached property purchased at auction for £100,000.
The Cheadle-based lender, which maintains a loan book of £8 billion, worked with broker The Loan Partnership (TLP) after the buyers’ original lender withdrew shortly before the auction deadline, putting their £10,000 deposit at risk.
Auction timeline pressures
Auction property purchases typically require completion within 28 days, with a 10% deposit paid when the hammer falls. The buyers approached TLP after their initial broker indicated the deal was unlikely to meet the deadline.
Together provided a 12-month regulated bridge secured against both the buyers’ existing three-bedroom flat and the auction property. The buyers plan to invest approximately £50,000 in renovations, with work scheduled for completion within eight weeks.
Bridging finance market
Sally Precious-Ward, intermediary relationship manager at Together, said: “Our regulated bridging products are designed for exactly these types of situations, where clients need fast, pragmatic solutions to secure their home purchase.”
Sarah Gaffney, operations director at TLP, noted: “Auction timelines are unforgiving, and when clients face the possibility of losing their deposit, every hour matters.”
Market context
The case highlights the role of specialist bridging finance in the auction property sector, where strict completion deadlines can create challenges for buyers relying on traditional mortgage funding. The nine-day turnaround demonstrates the speed differential between specialist and mainstream lending products in time-sensitive transactions.
The property, described as requiring renovation work, was purchased significantly below typical market values for five-bedroom properties, with the buyers planning substantial improvement works following completion.
