Product Focus: Shawbrook short term finance for light refurbishment

By Bridging Loan Directory 4th December 2012

The Bridging Loan Directory speaks to Stephen Johnson at Shawbrook Bank about Shawbrook’s short term finance for light refurbishment offer.

Stephen Johnson, Managing Director, Commercial Mortgages, Shawbrook Bank:

“Lending to property investors is a core part of Shawbrook’s commercial lending business. We are a specialist lender, offering a breadth of options from straightforward buy-to-lets to more complex residential investment properties, mixed use and commercial investment properties as well as options for trading businesses. Our loans are available on various terms – short term bridges, medium term investment finance and longer term options, all of which are available to both individuals and limited companies with a transparent pricing structure

Since we launched in 2011 we’ve expanded our product range in the property investor market, including entering the short term finance market for property professionals – initially for acquisition and, more recently, for light refurbishment.

The short term refurbishment products we offer are specifically designed for residential and mixed use light refurbishment. These can help experienced property investors complete much-needed decorative refurbishment work prior to the property being let or resold.

Shawbrook’s short term finance for light refurbishment has a genuine market leading rate of 0.84%. Terms range from 3 to 12 months and we will lend up to 70% LTV. The loan size ranges from £75k to £2.5m and we offer various interest servicing options, in keeping with all our products.

We also offer key advantages, other than our market leading rate. As an FSA regulated bank we have the governance and processes required to offer piece of mind to clients. We can offer clients a flexible, ready-made exit, with a broad range of lending products to choose from. While others have attempted to address this, Shawbrook consistently offers a wider range of options at a more attractive rate.

We constantly look for feedback on our products and processes from brokers and clients, so we can develop and adapt our offer to meet their requirements. Brokers are at the heart of our business and we are committed to delivering a high-level of service to our brokers and clients – especially when using short term finance, in what are often time sensitive deals. We look in detail at each case before making a decision, using common sense rather than a ‘tick-box’ approach.

Our straightforward and efficient processes mean that we are committed to turning round any applications in the timeframes required, which we understand is essential in the short term market.

It’s been an exciting first year from Shawbrook and we have ambitious growth plans for 2013 and beyond. We have a strong appetite to lend and we remain committed to delivering a first class, quick service on all our applications, especially those where speed is critical.”

Broker testimonial: Alistair Ewing, blimey! loans

Alistair Ewing is a director with Perth-based blimey! loans. He recently worked on a short term finance deal for light refurbishment with Shawbrook Bank. The deal required funding of £115,550 for the development of two offices with the aim of converting them both into flats. Alistair outlines his experience.

“We have dealt with the secured lending side of Shawbrook’s business for some time but only recently became involved with Shawbrook’s commercial lending team. After working with both business streams it’s clear to see that they are a real broker focused lender.

Their short term finance for refurbishment offering is a market leader when it comes to both price and service. Shawbrook was the first port of call for me on this deal. Not only are they lending, but they’ll never shirk away from the complex, more challenging cases. They don’t always focus on the easy options and will always take each case into account on its own merits.

My client is an experienced property investor with a high-net worth, but the deal was still a challenging one. Shawbrook understood this and went out of their way to help us. There was support throughout, and because it was our first piece of business with the commercial lending team, they were with us every step of the way.

The website interface made the system easier from a personal point of view too. It’s a concise system for brokers and it really stands out from Shawbrook’s competitors.

The understanding and support they offer was really driven home when there was a slight snag in the deal, through no fault of anyone. There were issues surrounding my client receiving a buy-to-let mortgage which made the speed of Shawbrook’s lending critical. Shawbrook understood the time sensitive nature of the deal and turned it around in a few days. You can’t say fairer than that and both the client and myself were delighted with the service.”