Together review: secured business loans and commercial property finance for UK businesses

Together is a specialist property lender that has been lending since 1974 and is known for looking at cases that do not fit a mainstream bank's boxes, including borrowers with adverse credit or unusual income. Smart Funding Solutions is an independent broker and is not part of Together, so we can compare a Together offer with other secured and commercial property lenders to make sure it is the right choice. You can read more on Together Loans's own website.

01About Together

Together is a trading style used by a group of lending companies, with its principal office in Cheadle, Cheshire. It describes itself as a specialist mortgage and secured loan provider and says it has been funding property ambitions for over 50 years.

On the commercial side, its range includes commercial mortgages, buy to let mortgages, bridging finance, auction finance, secured business loans, social housing finance and corporate lending. Together's stated approach is common sense lending: it says its door is always open and that it can often help when other lenders cannot or will not.

02What Together funds

Secured business loans

Together's secured business loans are available to individuals and limited companies, and it says non UK and expat applicants are considered. Loans can be secured on a wide range of property, including rental property, retail units, factories and warehouses, offices, restaurants, hotels, leisure premises and farms. A second charge loan runs alongside your existing mortgage rather than replacing it, and interest only repayment options are available.

Together lists typical uses as improving cash flow, consolidating business debts, refurbishing commercial or buy to let property, investing in staff, stock or equipment, and raising a deposit for an investment purchase.

Commercial mortgages and bridging

For buying premises, Together offers commercial mortgages to sole traders, partnerships, limited companies and pension funds, and its product guide says residential property can be used as security where business premises are not available. It also provides business bridging loans and auction finance for time sensitive purchases.

03Who Together suits (and who it may not)

Together tends to suit:

• Business owners and property investors with equity in property who need a larger sum than an unsecured lender will offer.
• Borrowers with past credit problems. Together says adverse credit, including CCJs, defaults or missed payments, does not automatically mean a decline. Our page on bad credit business loans covers this in more detail.
• Applicants with complex or non standard income, limited trading history or expat status.
• Homeowners who would rather keep their existing mortgage and add a second charge. See homeowner business loans for how that works.

It may not suit you if:

• You have no property to offer as security.
• You need less than £50,000, where unsecured lenders may be quicker and simpler.
• You have strong credit and a simple case, where a mainstream lender may offer better terms.

04What Together looks at

Because these loans are secured on property, the property and the equity in it come first. You should typically expect Together to look at:

• The property offered as security, its value and any existing mortgage. Together says automated valuations can be accepted in some cases.
• Your ability to make repayments, using accounts, bank statements or rental income.
• Your credit history, with an explanation of any past problems.
• What the money is for, and how the loan will be repaid at the end of the term.
• Identity and ownership details for all borrowers and property owners.

Together says completion typically takes around 6 to 12 weeks, and in some cases funding can be provided in a few days.

05Pros and cons

• Pro: a long established specialist with over 50 years in property lending.
• Pro: considers adverse credit, complex income and expat borrowers.
• Pro: accepts a broad range of commercial and residential property as security.
• Pro: second charge loans let you keep a good existing mortgage deal.

• Con: your property is at risk if you do not keep up repayments.
• Con: specialist lending usually costs more than a high street loan.
• Con: full completion can take several weeks once valuations and legal work are involved.
• Con: not suitable for small sums or for businesses without property.

Because these loans are secured on property, the property and the equity in it come first.

06Applying through a broker vs going direct

Secured lending decisions hinge on how a case is presented: the security, the purpose, the affordability and the story behind any credit issues. We search the market, compare specialist and mainstream lenders, and present your case to those most likely to say yes on sensible terms, which may include Together. You complete one application and we manage the process through to completion. It is free to enquire; any broker fee is disclosed separately before you proceed. To see your options, start with our Instant Quotes check.

07Alternatives to Together

• Allica Bank: often a better fit for established trading businesses buying or refinancing their own premises.
• Cambridge & Counties Bank: worth comparing for commercial property loans where a bank relationship suits.
• Paragon Bank: an option for property investors and landlords.

You can check any firm on the FCA Register before you proceed.