Shawbrook completes £5.8m bridge
Shawbrook has completed a £5.8m bridging loan to remortgage a 25 property portfolio.
The loan passed through from offer to completion in 10 days at 70% loan-to-value.
Steve Williams, partner at Bespoke Business Finance, said: “Shawbrook’s ability to process this case to completion within just over a fortnight of receiving the valuation report was very impressive indeed.
“My thanks go to business development manager Marc Champ, head of sales Emma Cox, Lending Manager Dave Ellis and Lending Officer Kerry Washbrook-Smith for their excellent work in getting this deal over the line.
“I found it especially useful that Shawbrook’s credit relationship manager, Tim Rist, was able to visit my client in SW19 at a location convenient to them at short notice. The communication between Tim and his colleagues at Shawbrook was clear and paramount in achieving the ambitious timescales we set.”
An initial stumbling block was the valuation report on the portfolio which came in lower than expected, however Shawbrook decided to give the deal the green light using the full aggregate value based on the valuer’s report since the customer was an experienced investor.
The client also had minor historic CCJs, though an investigation found this to be caused by a dispute with an old supplier who was taken over by a third party.
Shawbrook said the client’s solicitors were prepared to act quickly, adding that having a solicitor aware of the complexities of the bridging market is important in helping cases process quickly.