Shawbrook provides £500k second charge loan to save property’s value
Shawbrook were approached by CSC Loans, who specialise in Second Charge Loans, with a client urgently needing a £500,000 loan. The clients were concerned about a plot of land next to their current property that was about to be purchased for commercial purposes which would likely have an adverse effect on their property’s value.
Due to the time sensitive nature of the case, it was essential that the broker and lender worked closely to get the case completed as swiftly as possible. Since brokers are always able to speak directly to an underwriter at Shawbrook, the case progressed quickly. Despite unusual land registry issues arising on the application, the case was funded within just 7 working days of submission to Shawbrook Bank.
An offer was issued to the client on Shawbrook’s Prime range at a rate of 4.2% up to 65% LTV. The customer was delighted by the speed and quality of the service provided by both CSC Loans and Shawbrook and was able to successfully purchase the plot of land and save their property’s value.
Emma Cox, Sales Director at Shawbrook Bank says:
“Due to the strong relationship we have with CSC Loans and the excellent quality of their packaging, the case was able to complete in such a short period of time and the client was able to save their property’s value. This case shows how important it is for a broker to be able to speak to one of our underwriters.”
Mark Fry, Managing Director at CSC Loans says:
“The consequences for the applicants of not getting the loan were unthinkable. As a result we wanted to work with a lender that we knew would look carefully at the complexities of the case on day one in order that we could iron out any potential issues at an early stage. Shawbrook were that lender!”