Pepper Money has expanded its business development manager (BDM) team with two new appointments in its London and South East regions. Steve Bailey has joined the specialist mortgage lender as BDM for the South East, bringing more than 20 years of financial services experience. He has previously held roles at Lighthouse Group, OneFamily in the equity release market, and more recently specialist lenders including Landbay, Bluestone and LiveMore. Grace Bennett has joined Pepper Money as BDM for London with more than eight years of experience in the mortgage industry from Family Building Society.

Together has provided a multi-million-pound unregulated bridging loan with the specialist broker, EquityOne Finance, to buy two large high street shops in Newport, Isle of Wight. The client bought the tenanted retail units at auction, but they were nearing the 28-day auction deadline without securing the necessary £2.8m funding. EquityOne brought the case to Together, who agreed to provide a 12-month unregulated bridge, secured against the Newport property using an unencumbered block of tenanted flats in London as extra security. The loan was provided in 11 days, allowing the client to complete their purchase well within their already tight timescale, saving the customer’s £270,000 deposit they had already paid to secure the property auction.

Access Financial Services has arranged a £1.68m development exit bridging loan at 75% LTV with a rate of 0.78%. The mortgage and protection brokerage, which launched a specialist finance division in Q4 last year, said the loan, which is structured over a 12-month term, are supporting the borrower, an experienced SME developer, as his existing development facility term ends and he exists his original development finance loan. The scheme involved a semi-commercial property in central London, overlooking the Palace of Westminster and Houses of Parliament. The property was a shop with residential space above, and has since been developed over a 18-month period into a restaurant on the ground floor, with two apartments above it on the first floor and another floor built in the air space.

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