Shawbrook Commercial has completed on a loan of £1.65m to a property developer, with the funds being used to refinance their existing loan commitment and for future development projects.
The exit strategy for the loan was the sale of the remaining properties in the development, after quickly selling three of the six properties shortly after putting them on the market.
The case was completed on Shawbrook’s STL1 product at 75% LTV, and brokered by Assured Independent Financial Services.
Neil Plaister, adviser at Assured Independent Financial Services, said: “This was our first completion with Shawbrook Bank.
“They lived up to both our expectations and their promises, delivering funds on time that allowed our client to exit their previous commitment with a high street bank, whilst raising funds for future projects.”
Emma Cox, sales director at Shawbrook Commercial, added: “Developer exit products have experienced a boon in popularity as of late, with several specialist lenders launching into the market.
“At Shawbrook Commercial, we have a range of products well-suited to this and a strong appetite to lend in this space.”