Shawbrook Bank completes short term loan for luxury property developer
By Bridging Loan Directory -
Shawbrook complete a £1.5m short term loan within five working days for a luxury residential property developer based in Surrey.
The client, a specialist in building bespoke high end properties in prestigious locations, required finance to purchase a large property with a view to redevelop it into a remarkable new home situated in the southern county of Surrey.
The client’s business model operates such that they acquire sites, develop detailed luxury home plans and pre-sell before commencing development. The client has a considerable profile and successful track record with this business model, counting celebrities and professional sportsman amongst their customers. They have completed 8 similar projects all within the same exclusive estate.
Shawbrook was approached to step in after the client had exchanged on a site but the ultimate customer withdrew before completion. We provided 65% of the purchase price to enable the client to complete the purchase, enabling them the time needed to find an alternative customer for the end property or to refinance and develop out the site themselves.
Shawbrook funded the project on a 12 month term at a monthly rate of just 0.71%, and with the loan not carrying an exit fee the client retained all the flexibility they required to maximize the project value. We were delighted to be able to turn the whole transaction around within 5 working days.
Shawbrook received the following feedback from their client: “Thank you for the amazing efficiency. You’ve done exactly what you said and in the timeframe that you said, your team and solicitors have been a pleasure to deal with – all a rare occurrence in this market!”
The intermediary, Nick Mansell of Capital Funding Consultants, commented “I would like to thank Shawbrook and the team for a really impressive job! The service was excellent and most important of all – everyone had such a positive attitude towards the case and ironing out any issues. The deal completed in five working days, resulting in a very happy client. They have laid down a significant marker for both product competitiveness and matched it with the service provided”.
Stephen Johnson, New Business Director of Shawbrook Bank said:
“We’re delighted to have been able to help the client with a short term loan, particularly when they were facing a difficult situation with the completion of a deal.
“Shawbrook aims to make it simpler for businesses to borrow and easier for brokers to carry out deals. We are committed to making our short term loans an important part of overall offering to property investors.”
For further information please visit www.shawbrook.co.uk