Shawbrook has announced record September and October figures for its short-term loan products, heralding a strong end to 2014. The Bank completed over 90 short-term loan cases in this two-month period alone, a significant figure considering an average monthly figure is around one-third of this.
Driven by strong interest from property professionals, the most popular performer was Shawbrook’s STL1, a short-term loan for the purchase of residential property, which has seen 85 percent growth since October 2013. This was followed in popularity by the STL4, intended for light refurbishment of a residential property.
As new housing supply remains a challenge across the country, loans for investing in existing property are becoming ever more important. Bumper months such as this are a clear sign of how Shawbrook’s innovative short-term loan range has become an increasingly attractive option for brokers and investors and is delivering strong growth for the Bank.
Karen Bennett, Sales and Marketing Director for Commercial Mortgages, said:
“As the mercury reached high levels for autumn, Shawbrook’s short-term loans were also hot property. It’s been great to see this response to our range and we’re proud to be able to help our brokers and clients across the country bring reinvigorated and valuable properties to the market at a rapid pace. We look forward to November and December rounding off an extraordinary year for us.”