Shawbrook Bank completes fastest commercial mortgage deal in just four days
By Bridging Loan Directory -
Shawbrook Bank has completed its fastest commercial mortgage deal from valuation to completion in just four days. The commercial mortgage team at Shawbrook worked closely with John Ford of Mustard Commercial Finance to secure a ten year term interest only loan of £100k at 58% LTV for his property investor client.
The case relied heavily on the speed of Shawbrook and Mustard Commercial Finance, as the builders involved only held the deal open to the client until Christmas Eve. After this point they would put the house on the market for a much higher price. Mustard Commercial Finance has worked with Shawbrook for a number of years and knew the team had the capabilities to complete the deal.
Shawbrook has a wealth of experience dealing with experienced property investors with large portfolios, such as this case, and understands the importance of speed in both the short term and term market. Shawbrook lends through a network of brokers and has streamlined systems in place to ensure that each deal is managed as quickly and efficiently as possible.
Shawbrook has ambitious growth targets for 2013 and is continuously expanding its lending offering to help experienced property investors take advantage of more opportunities.
John Ford, Mustard Commercial Finance said,
“Having worked with Shawbrook for a number of years, on a number of deals, I know that the standard time for coming back to us on a deal is 72 hours, which is great but this time I needed more. Shawbrook considers each case on an individual basis which meant I could pick up the phone and explain the terms of this specific deal to try and secure the finance before the opportunity to complete this deal passed. The client was delighted and is considering moving a chunk of his portfolio to Shawbrook because of the speed of this deal. It was a big ask to get the finance in such a short period of time and I knew if I could find someone to do it, it would be Shawbrook.”
Lisa Crane, Head of Lending Operations Commercial Mortgages Shawbrook Bank said,
“At Shawbrook we understand the time sensitive nature of the deals that experienced property professionals are involved in. We invested in our processes heavily in 2012 to ensure they are clear and efficient, so each deal can run as quickly and smoothly as possible. This case was not the norm, but as a specialist lender in the property investor market we were able to throw everything that was needed at the case to ensure a very fast completion. Our team’s experience, combined with our processes, meant we could help our client seize the opportunity.”