Shawbrook supports portfolio landlord in £11m refinance

By Bridging Loan Directory 16th August 2022

Shawbrook’s bespoke lending approach has supported a portfolio landlord with an £11m refinance.

The landlord was looking to refinance £11m worth of properties, made up of 63 houses and flats in the North West, releasing capital in order to facilitate further purchases to expand the portfolio.

The landlord had reassessed their needs following the recent base rate rises and limited lending appetite from their previous high street lender and approached Empire Finance for assistance.

Following a meeting with the landlord to establish their future needs, Shawbrook agreed to an £8.5m five-year fixed interest only mortgage geared across the properties with an LTV of 75%, and a £15m lending facility.

This was arranged with a standard personal guarantee of 25% and no debenture requirement.

The deal freed up equity and provides the resource for the landlord to buy further properties down the line and protects from future interest rate rises over the next five years.

Matthew Taylor, National Relationship Manager, Shawbrook Bank comments:

“We pride ourselves on our ability to look at each case that comes across our desk on an individual basis no matter the complexity.

This case demonstrates this ability as well as the strength of the team’s relationship with Empire Finance and our appetite to lend.

It’s important that brokers are able to build relationships with our team and feel able to speak directly to the decision makers on their case.

Being able to do so gave both the broker and the landlord confidence in our ability to get this deal across the table.

There are significant opportunities within the market for ambitious property investors and at Shawbrook we have invested significantly in our technology to ensure that we can be agile whilst still offering that bespoke service that we know brokers and their clients need.”

Gareth Broome, Empire Finance comments:

“Our client’s needs were complex, and it was important that we found the appropriate lending partner that would be able to accommodate and flex its offering.

Shawbrook delivered on their promise and together we were delighted to complete this facility which has provided our client with sufficient capital to purchase £10m of additional properties.”