Shawbrook Bank completes £27m portfolio refinance buy-to-let loan

By Bridging Loan Directory 11th May 2021

Shawbrook Bank has completed a £27m buy-to-let refinance and capital raise in just 4 working days of the offer being issued.

The lender was approached in February by Steve Rodrigues, Head of Broker Partner Five Finance, whose mutual client was seeking a refinance of their extensive property portfolio consisting of 58 properties across the southeast of London, and a £5m capital raise for further investment.

Following initial discussions with Steve Rodrigues, the case was presented to Shawbrook’s Complex Deal Forum and obtained early support from credit. This meant the conditions of the loan were understood before the application was submitted, leading to a smoother process thereafter.

The loan was agreed at 75% LTV on a 10 year fixed rate and was eligible for a desktop valuation which made the journey even more efficient.

Once the formal offer was made on April 20 the bank used its newly launched eSignature technology to securely send offer documents to the customers, one of whom was overseas at the time.

They were able to immediately e-sign and return the offer, leading to a swift completion of the £27m BTL loan, just 4 days later.

Emma Cox, Sales Director at Shawbrook Property Finance comments:

“A fast turnaround such as this is always a great achievement, but for a case of this size and complexity is extraordinary and a testament to the expert team on the case.

We launched eSignature technology last month and it is great to see the positive impact it’s already having on the customer journey.

The client was overseas when the offer was made, so having to print and post documentation would have significantly prolonged the case. I’m delighted we could turn this around so quickly for them.”

Steve Rodrigues, Head of Five Finance adds:

“My clients, large residential investors, had very specific financial requirements.

They were seeking a financial structure with a loan that was fixed for a period greater than five years and they also wanted to raise additional funds.

Pricing was a key part for my client and I was able to secure a long term rate that met their needs. My clients were very happy with the outcome, and the smooth and quick process.

Working closely with the team at Shawbrook, I am delighted to have been able to find a perfect fit for my clients’ business.”