Shawbrook completes large commercial transaction
Shawbrook Bank Commercial Mortgages team has just completed one of the largest refinances of a commercial portfolio that the bank has ever undertaken.
The commercial loan on its LCI1 product was for an experienced investor looking to refinance their Essex and Suffolk based portfolio involving a large office block and a number of industrial units for £7.7m at a gross loan-to-value of 63%.
The loan was submitted by Simon Purdom of Commercial Financial Services, a long-time strategic broker partner of Shawbrook.
Simon Purdom, principal of Commercial Financial Services, said: “It was clear from reviewing the debt requirements that Shawbrook were best placed, within my lending panel, to provide the most appropriate outcome for the client.
“As a strategic broker partner I know that they benefit from an expert, open-minded team who would relish the opportunity to provide funding for a significant commercial portfolio such as this.
“There were some very long days and many hurdles to overcome but we got the best possible end result – a happy client with a lending outcome that is well-suited to their individual requirements.”
The client also needed a solution that would enable him to sell a smaller unit from the portfolio following minor refurbishment works, and an additional short term loan on a separate facility of £547,000 was provided.
The £7.7m commercial facility took two and a half months to complete from initial enquiry through to funds being released.
The Shawbrook team structured the case at a 63% LTV on a part-capital, part-repayment basis with an additional second charge enabling the bank to lend the full amount of finance needed.
Emma Cox, sales director at Shawbrook Commercial Mortgages, added: “In our six years of operating at Shawbrook Bank this is one of the most complex and definitely one of the largest commercial property deals we have managed to complete.
“It simply would not have been possible without the combined expertise and commitment of the broker Commercial Financial Services, Pure Law and of course, the Commercial Mortgages team themselves.
“This was a very large facility for a new to bank customer but, taking into account their strong track record in this sector, we have once again demonstrated our appetite to lend and willingness to go the extra mile when it comes to more complex cases.”