Specialist lender also secures Legal and General valuation partnership
Together has introduced a set of commercial and semi-commercial lending options, adding second charge term and bridging products to its specialist range.
The lender said the additions were designed for borrowers seeking to raise capital against commercial or mixed-use property while keeping an existing first charge in place, including cases where the current rate is attractive or early repayment charges would apply.
The new suite, which includes commercial term second charge, semi-commercial term second charge and commercial bridge second charge products, are intended to support equity release from commercial assets and mixed-use buildings.
For semi-commercial cases, the lender said the products can be used for investment purchases and refinancing on mixed-use properties where 60% of floorspace — or land — is used for residential purposes, and where the residential element is let separately from the business premises.
The commercial and semi-commercial term second charge products are available up to 65% loan-to-value, with loan sizes up to £1 million. The commercial bridge second charge and semi-commercial bridge second charge products offer 12-month terms, also up to 65% LTV, as a short-term option for customers with an existing mortgage.
“We’re always looking at how we can improve our products to meet market demand, and these latest launches provide brokers and their clients with even more choice,” said Tanya Elmaz (pictured right), managing director of intermediary sales at Together.
“Many commercial or semi-commercial property owners are seeking ways to raise capital without refinancing their primary loan, and second charge solutions are becoming increasingly valuable in achieving this.
“Whether customers are looking to invest, refurbish or support business growth, these new products can help them move quickly and confidently to achieve their property ambitions.”
Meanwhile, Legal and General Surveying Services (LGSS) has agreed to become a valuation partner for Together’s intermediary business in network and club cases.
The firms said the arrangement is intended to improve the speed and consistency of valuations for brokers and customers using Together’s specialist mortgage products, including residential, buy-to-let and HMO lending.
Under the agreement, LGSS will manage qualifying residential valuation instructions for Together’s intermediary network and club channel, using its national panel of RICS-qualified surveyors and digital valuation platform to support turnaround times.
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