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Shawbrook completes £27m BTL refinance for London portfolio

Shawbrook Bank has completed a £27m buy-to-let (BTL) refinance and capital raise on a client’s London portfolio within four working days of the offer being issued.

 

The lender was approached in February by Steve Rodrigues, head of broker partner Five Finance, whose client was seeking a refinance of their portfolio consisting of 58 properties across the South East of London, and a £5m capital raise for further investment.

Following initial discussions with Rodrigues, the case was presented to Shawbrook’s complex deal forum and obtained early support from credit.

This meant the conditions of the loan were understood before the application was submitted, leading to a smoother process thereafter.

The loan was agreed at 75% LTV on a 10-year fixed rate and was eligible for a desktop valuation which made the journey even more efficient.

Once the formal offer was made on April 20 the bank used its newly launched eSignature technology to securely send offer documents to the customers, one of whom was overseas at the time.

Emma Cox, sales director at Shawbrook Property Finance, said: “A fast turnaround such as this is always a great achievement, but for a case of this size and complexity is extraordinary and a testament to the expert team on the case.

“We launched eSignature technology last month and it is great to see the positive impact it’s already having on the customer journey.

“The client was overseas when the offer was made, so having to print and post documentation would have significantly prolonged the case. I’m delighted we could turn this around so quickly for them.”

Rodrigues added: “My clients, large residential investors, had very specific financial requirements.

“They were seeking a financial structure with a loan that was fixed for a period greater than five years and they also wanted to raise additional funds.

“Pricing was a key part for my client and I was able to secure a long term rate that met their needs. My clients were very happy with the outcome, and the smooth and quick process.

“Working closely with the team at Shawbrook, I am delighted to have been able to find a perfect fit for my clients’ business.”

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