BridgingfeaturedNews

Shawbrook assists with auction purchase of semi-commercial property

auction

Shawbrook Bank has supported a customer with a £670,000 mortgage to purchase a semi-commercial property at auction.

 

The lender was approached by broker partner CM LifeCycle Finance for an auction purchase bridging loan, which needed to complete in four weeks.

Once the application in principle was received, Shawbrook reviewed the documentation and issued a formal mortgage offer within a week, with the bridge and term loan applications running side by side.

Due to the speed of the application process, the customer was able to move straight onto the term mortgage, eliminating the need for a bridging loan and saving money on an additional arrangement fee.

Shawbrook provided a £670,000 semi-commercial mortgage at 75% loan-to-value (LTV) on a 25-year interest-only term.

The funds enabled the customer to purchase a high street retail unit with access to a private residential flat.

Clare Marlow, director at CM LifeCycle Finance, said: “We had 28 days to complete this case and having approached a number of lenders, Shawbrook and another lender had the most competitive rates.

“With challenging timescales, the other lender had expressed their doubt around meeting such an urgent deadline.

“Shawbrook assured me from the outset that they were well placed to support even the tightest of timelines so for me the decision was clear.

“We all worked closely together to arrange the bridge, with a term loan application running alongside.

“Not only did they complete within the timescales, we didn’t need the bridge as the term loan completed so quickly.

“The whole process was really easy, and Shawbrook were fantastic to work with.”

Gavin Seaholme, head of sales at Shawbrook Bank, added: “One of the benefits of our offering is that we can help customers secure their investments quickly with bridging finance and then support them into the future with our term products.

“In this case though, thanks to the expertise and efficiency within the team, we had the opportunity to save the customer money and put them straight onto the term mortgage.

“We worked seamlessly with our broker partner to get the job done and are delighted we could deliver the best possible outcome for the customer.”

Show Comments

Enter your e-mail address to receive updates straight to your inbox