Shawbrook completes £14.5m bridge to refinance office building
Shawbrook Bank has facilitated a £14.5m bridging loan, allowing a client to refinance a large, self-contained office building near Uxbridge town centre.
The lender was approached at the end of June by strategic partner West Rock Capital, whose client had purchased the property in 2019 and obtained pre-application consent to convert the building into residential units, with a considerable uplift in value expected.
The client’s strategy was to either sell the property once planning permission had been obtained or to carry out the works themselves.
Shawbrook agreed an 18-month term, allowing adequate time for either eventuality.
After receiving the property valuation on a Tuesday afternoon, Shawbrook completed the £14.5m bridging loan, at 69% loan-to-value (LTV) two days later.
Westley Richards, director at West Rock Capital, said: “There are few lenders in the market that can turn around such complex funding requirements in such a short timeframe.
“Despite the time pressure, Shawbrook was able to demonstrate its ability to understand the borrower’s business plan and structured a bespoke loan facility to suit their requirements.
“The strong relationship between Shawbrook, West Rock Capital and the borrower meant that all potential issues were identified and resolved early.
“We are delighted to continue growing this relationship and I look forward to working with Shawbrook again in the near future.”
Gavin Seaholme, head of sales at Shawbrook Property Finance, added: “This case is a prime example of how bridging can be used to support an investor’s strategy and help them maximise their returns.
“At Shawbrook, we’re committed to supporting investors requiring large transactions which, in most cases, requires a specialist team.
“Our expertise and experience of this loan type, combined with the in-depth knowledge of West Rock Capital, meant we were able to deliver a fantastic outcome for their client and we look forward to watching their plans for this property unfold.”