Shawbrook completes £1.65m bridge for developer to refinance and capital raise
Shawbrook Commercial has just completed on a loan of £1.65m to an experienced property developer, with funds being used to refinance their existing loan commitment and for future development projects.
The exit strategy for the loan was the sale of the remaining properties in the development. After quickly selling three of the six properties shortly after putting them on the market, early indicators were extremely positive regarding the demand. Given this and the customers strong track record in property investment, Shawbrook had sufficient confidence in swiftly moving the case forward and the bridge was provided pending sale of the remaining properties in the development. This particular type of developer exit loan has been in high demand as of late across the specialist space.
The case was completed on Shawbrook’s STL1 product at a LTV of 75% and brokered by newly-accredited Shawbrook Broker Partner, Assured Independent Financial Services. As with many of these cases, time was of the essence and the underwriting team was able to work to the required timeline to release funds quickly.
Neil Plaister, Adviser at Assured Independent Financial Services comments:
“This was our first completion with Shawbrook Bank. They lived up to both our expectations and their promises, delivering funds on time that allowed our client to exit their previous commitment with a high street bank, whilst raising funds for future projects. Not only did Shawbrook achieve all objectives set; they did so in a transparent, friendly and efficient way that bodes well for our new relationship.”
Sales Director for Shawbrook Commercial, Emma Cox, pictured, adds:
“Developer exit products have experienced a boon in popularity as of late, with several specialist lenders launching into the market. Here at Shawbrook Commercial, we have a range of products well-suited to this and a strong appetite to lend in this space”.