Shawbrook supports client with £527k capital raise on BTL property
By Bridging Loan Directory -
Shawbrook has helped a client with a £527k capital raise on the most recent purchase in their portfolio. The investors wanted to refinance the freehold on the block of six recently converted flats in Gillingham, Kent which generate £45k of rental income per annum. The client’s aim for the capital raise was to help with the expansion of their portfolio through development and refurbishment of additional properties.
Shawbrook’s underwriters worked closely with Broker Partner, Prospero Finance who specialise in residential investment, to help ensure a smooth process from application to completion. The process was largely seamless, except for one challenge where the client requested that the aggregate value was taken into consideration, rather than the block value. The underwriting team took a holistic view of the case and navigated this hurdle with buy-in from both broker and client to deliver a completion that matched expectations.
Using the RI1 Residential Investment product, Shawbrook financed the £527k capital raise on a 10 year interest only term at 75% LTV.
Martin Smedley, Director at Prospero Finance comments on this BTL refinance;
“Our client has significant plans for their portfolio and I’m really pleased we were able to help them along their property journey. Shawbrook dealt with the case smoothly, even when there were a couple of small issues to navigate along the way, but their flexibility was a factor in getting this deal across the line. I would like to thank the team at Shawbrook for their help with this case.”
Richard Winston, Business Development Manager at Shawbrook adds;
“With specialist brokers like Prospero working alongside our experienced underwriting team, we ensured that we could support the client on their property journey. I’m delighted we were able to help with this refinance so that they could continue with their development and portfolio plans.”