Gavin Seaholme

Shawbrook Bank provides bridging loan for urgent auction purchase

Shawbrook Bank has completed a £155,000 bridging loan for an urgent, complex auction purchase.

The bank was approached by one of its strategic partners, NM Finance, two weeks before the purchase was due to complete.

Shawbrook Bank worked with a valuer to ensure a valuation of the two-bedroom freehold property went ahead without a delay.

There were also some contract issues that arose the day before completion, as two land transfers were required on the same day. 

Shawbrook acted quickly to accommodate this with a transfer and completion of purchase between the sellers and the client, followed by a transfer and completion between the client and their company.

The £155,000 facility was secured at 75% LTV on a 12-month interest-only term.

The customer plans to complete works on the property before refinancing onto a BTL mortgage.

Gavin Seaholme, head of sales for property at Shawbrook Bank (pictured above), commented: “Working closely with our partners to overcome challenges quickly and efficiently is essential in any case, but it’s especially important with tight timescales such as these. 

“This is a great example of working as a team to deliver the best outcome for the customer.”

Max Mace, director at NM Finance Ltd added: “This was a complex case with an aggressive timeline, due to auction purchase deadlines.

“As a strategic partner, we work with Shawbrook regularly, and from day one I knew this would be a good fit.”

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