Shawbrook Commercial completes £22.4m portfolio refinance loan
Shawbrook Commercial has just completed on a refinance loan of £22.4m to Desiman Limited, one of London’s biggest private landlords, for a large residential portfolio in South East London.
The case was completed on Shawbrook’s LR13 product at a LTV of 57% and managed by Shawbrook Broker Partner, Five Finance. This was one of the largest refinances of a commercial portfolio that the Commercial business has undertaken.
The team were given sight of the bones of this transaction in late June 2017 and were confident that they could progress with the case and deliver the exact requirements for the customer, within the desired time frame.
A total of 17 properties were valued using the AVM process with the remaining property valued by Lamberts. The information returned as expected and Shawbrook’s in-house solicitors, who worked closely with the customer and the Shawbrook team, moved the legal process forward swiftly and smoothly for such a complex transaction. Drawdown of the facility took place shortly after which resulted in a hugely satisfying outcome for the customer.
Steven Rodrigues, Five Finance comments:
“I was delighted to introduce Desiman Limited, one of London’s largest private landlords, started and managed by the same directors since 1997, to the innovative and active Shawbrook Bank to help them develop and expand their successful business. From start to finish the process was really slick. Shawbrook was very flexible and took the time to understand my clients’ needs. The Senior Relationship Manager Marc Champ and the internal teams guided the case expertly to a positive conclusion.”
Marc Champ, senior Relationship Manager, Shawbrook Commercial adds:
“This was one of the largest cases I have worked on during my tenure at Shawbrook and it was hugely gratifying to see this move across the finish line without a hitch. Steven Rodrigues and the team at Five Finance are highly experienced operators, and their involvement was crucial in pulling together all elements to ensure the right outcome for the customer.
We are pleased to continue to support the portfolio market – particularly given the recent changes announced by the PRA – and our appetite and desire to lend in this space remains undimmed.”