Shawbrook Bank completes £1.18m bridging loan
Shawbrook has completed a £1.18m developer exit bridging loan for a highly experienced property developer seeking short-term funding to support their next project.
Shawbrook’s strategic partner, Watts Commercial Finance, approached the specialist lender looking for a suitable short-term finance solution to enable their client to focus on their next property development of three high end, luxury houses.
The lender worked with Watts to complete the £1.18m bridging loan in advance of their client’s target date.
The funds were provided at 75% LTV and on a 12-month term.
Mark Heywood, senior commercial manager at Watts Commercial Finance, said: “Teamwork’ is the word – all parties pulled together on this one, the clients who are experienced developers, us as the broker, Shawbrook and the solicitors all played their part to ensure a smooth process and timely completion with release of funds enabling our clients to concentrate on their next property project.”
“The clients’ efficiency in providing documentation and information to us certainly contributed to this and the support from Shawbrook once the finance was agreed was equally excellent throughout.”
Gavin Seaholme, head of sales at Shawbrook’s property division, added: “Bridging finance is about communication, speed and execution.
“Working with Watts gave us a deep understanding of the client’s needs, combined with our strong appetite and working as one team from client to broker to funding we worked to get the desired outcome for the client.”