Shawbrook Bank

Shawbrook supports client through commercial-to-residential project

Shawbrook Bank has teamed up with Clever Lending to support an experienced property investor from purchase through to refurbishment and sale.

The specialist bank first assisted the client with the purchase of a vacant commercial property for £207,500.

The borrower – who is an experienced builder by trade – had not completed his own commercial-to-residential conversion project before.

Shawbrook helped the borrower Turrell Developments to proceed based on its trade experience and with positive commentary on planning from both the local planning office and the valuer.

In late 2017, Shawbrook facilitated a product switch on to a refurbishment short-term loan – once planning had been gained – where the borrower was able to leverage against an increased value at 65% to capital raise the additional funds needed to carry out the conversion.

In 2018, the specialist bank was able to provide the borrower with a further product switch on to a 12-month STL1 for the purpose of marketing the property for sale.

Steve Sanderson from Clever Lending said that having worked with Shawbrook for a number of years, it was great to be recognised as a strategic partner.

“Watching [its] product offering change over this time to meet the demands of property professionals and working with their willing lending managers to get the end result for the client is testament to their expertise and flexibility.”

The borrower added: “It’s great to deal with Clever Lending, [it] offers [its] knowledge of lenders and understands the details [of] each project. 

“Shawbrook made the journey through [its] product range straightforward, which took the hassle of ‘money worries’ out of the project, leaving me to get on with the conversion.”

Sarah Woolf, senior development manager for Shawbrook Commercial Mortgages (pictured above), praised Clever Lending for its role in assisting the client through the property journey.

“Steve at Clever Lending worked closely with our lending team to ensure that the process for the client was as smooth as possible and that they were able to maximise the opportunity that the purchase afforded them.

“The team at Clever Lending [is] a pleasure to work with and we are delighted to now have them as a strategic partner."

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