Shawbrook’s commercial property team has completed a large £2.1m loan for a landlord looking to expand their property portfolio, capital raise and refinance their properties in Grimsby.
This was a difficult deal due to the concentration of properties in the area.
Shawbrook mitigated against this risk by extending the term on the loan and increased the capital repayment element, giving the customer a long-term commitment from the bank.
Given the number of properties, Shawbrook used title insurance, as opposed to a full title investigation, saving the landlord time.
Brian Walters, newsource commercial finance said: “As a long standing strategic partner we have developed an excellent working relationship with Shawbrook.
“This pays huge dividends when dealing with some of the more challenging cases such as this (low unit values and significant risk concentration).
“We worked very closely with Lee Albino and the introducing broker throughout the process and both the broker and client were delighted with the resulting deal.
“The client opted not to be separately represented and that, together with the use of title indemnity insurance ensured a quick completion. Shawbrook demonstrated both a flexible approach to its underwriting and a desire to do the deal which was a refreshing experience for all involved.”
Lee Albino, Shawbrook regional development manager, said: “Our pragmatic approach to lending shone through once again.
“Rather than shying away from this more challenging case, we worked closely with our strategic partner Newsource to fully understand the merits of the deal and mitigate against any risks and ensuring a good outcome for the client.
“This complex loan was a real challenge but that’s exactly the kind of transaction Shawbrook is looking for.”