Shawbrook Bank were approached by their Broker Partner Baya Financial, who specialise in investment finance, with two clients looking to refinance their property having recently converted it into a 5 bed HMO. The entrepreneurs were looking for an uplift on the bricks and mortar value of the property.
However, this was the first time the couple had looked at the HMO space and therefore had difficulty progressing the case with various lenders due to the perceived lack of previous experience.
Experience is key for Shawbrook, and when looking at more complex projects such as HMO conversions the lender would normally insist on direct experience in the execution of this type of project. However, in this case the customers demonstrated good experience in owning and renovating a property across 7 months in 2018 and, supported by strong outside income and advised by an expert broker in Baya Financial, Shawbrook was happy to make an exception in this case.
An offer was issued for an interest-only product at 4.69%, fixed for 5 years at 75% loan to value. The customer was delighted with the service they received from both Baya Financial and Shawbrook and were able to move on to their next project having achieved a good valuation and the uplift on the bricks and mortar value they were hoping for.
Emma Cox, Sales Director at Shawbrook Bank says:
“This case highlights the great work of our Broker Partner Baya Financial to clearly demonstrate the client’s wider business skills in other sectors to show their suitable experience. This case also demonstrates our flexibility when assessing a case and the advantage of brokers being able to speak directly to our underwriting team.”
Ellie Broadhurst, New Business Manager at Baya Financial says:
“This is yet another reason that we love working with Shawbrook. Their willingness to look outside the box and do the right thing by the client really makes them stand out. These are clients that will want to continue their relationship with both of us as they have had such a great experience.”