Shawbrook and Clever Lending lend £207,500 commercial property loan
Shawbrook and Clever Lending lent an experienced investor £207,500 to purchase a vacant commercial property, helping them with a complete property journey from purchase through to refurbishment and sale.
The client is an experienced builder by trade and despite not having completed his own commercial to residential project, the specialist lender was able to proceed based on the client’s trade experience and with positive commentary on planning from both the local planning office and the valuer.
Steve Sanderson from Clever Lending said: “Having worked with Shawbrook for a number of years, it’s great to be recognised as a Strategic Partner.
“Watching their product offering change over this time to meet the demands of property professionals and working with their willing Lending Managers to get the end result for the client is testament to their expertise and flexibility.”
The client, Turrell Developments, added: “It’s great to deal with Clever Lending, they offer their knowledge of lenders and understand the details each project.
“Shawbrook made the journey through their product range straight-forward which took the hassle of ‘money worries’ out of the project, leaving me to get on with the conversion.”
Sarah Woolf, senior development manager for Shawbrook Commercial Mortgages, said: “We were delighted to be working with Clever Lending to assist the client on their property journey.
“Steve at Clever Lending worked closely with our Lending team to ensure that the process for the client was as smooth as possible and that they were able to maximise the opportunity that the purchase afforded them.
“The team at Clever Lending are a pleasure to work with and we are delighted to now have them as a Strategic Partner.”
In late 2017 Shawbrook facilitated a product switch onto a refurbishment short-term loan, once planning had been gained, where the client was able to leverage against an increased value at 65% to capital raise the extra funds to carry out the conversion.
Finally, in 2018 the bank was able to provide the client with a further product switch onto a 12-month STL1 for the purpose of marketing the property for sale.