Shawbrook Commercial case study: From offer to completion in just two days
Shawbrook Commercial is pleased to announce one of its fastest ever completions on a Residential Investment loan, with completion occurring just two days after the Formal Mortgage Offer (FMO) was issued and only a week after the unexpected outcome of the EU Referendum.
Brokered via Shawbrook’s Strategic Partner Springview Finance on the Bank’s RI0.1 product for Simple Residential Investment, the gross loan value was £234k at an LTV of 67%.
Shawbrook Lending Teams worked with Springview Finance to process outstanding conditions as quickly as possible. A case in point was a query the Shawbrook teams had regarding payments into the customer’s bank account. Although these were initially flagged for further investigation, the Lending Manager on the case consulted with the broker, who was able to provide evidence that these payments were entirely regular.
This process was concluded within a matter of hours, demonstrating the efficient case management practised by both Shawbrook and their Strategic Broker Partner.
Despite a slight delay with Pure Law, Shawbrook’s in-house legal team receiving the redemption statement from a third party, this did not negatively impact the progression of the case. As soon as this outstanding condition was satisfied, funds were released resulting in a swift completion.
Emma Cox, Sales Director for Shawbrook Commercial commented:
“Considering that the loan completed a mere week after the result of the EU Referendum, our Lending Teams did a superb job working with Springview to get this over the line quickly. Despite any post-Brexit uncertainty, we retain a strong appetite to lend to all areas of the professional investor community.”
The broker, Isaac Reich of Springview Finance added:
“A turnaround of just two days between issuing the offer and completing on the loan is exceptional. My client was thrilled by the fact that the Shawbrook teams were able to process the loan so quickly, without sacrificing quality or due care. They will definitely be considering Shawbrook for any future property finance requirements.”