The borrower – a longstanding customer of Together – required just over £46,618 to purchase the plot in Walsall, West Midlands, which had planning permission in place to build a residential property.

The landlord intended to build a new buy-to-let property valued at £50,000 on the land, but was up against a deadline to exchange contracts on the purchase, so needed the finance in place quickly.

He contacted his broker Gareth Davies of B2B Financial about the best way to proceed.

The customer borrowed the money secured against an unencumbered buy-to-let property that he had owned for a number of years at 75% LTV.

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Richard Tugwell, group intermediary relationship director at Together (pictured above), said that this case showed that by thinking outside the box, brokers and lenders could really deliver for customers.

“The property the customer wanted to borrow against is a well-kept, two-bedroom flat worth £70,000 on the open market, so the equity was there in this existing buy-to-let property.

“Now he has the money in place, as well as planning permission to build on the land, he’ll be able to press ahead with his new-build property.”

Gareth, who brought the case to Together, added: “Because the client had a deadline to meet to buy the land, there were understandably a few nerves on his part.

“However, Together’s underwriters got the deal over the line.

“It was a fantastic result with a very happy conclusion for the client.”