Quick deal

Shawbrook's legal panel steps in to save urgent bridging loan

Shawbrook Bank has completed an urgent bridging loan after its legal team stepped in at the last minute to rescue a property deal.

A client of Brightstar Financial required funds to purchase the freehold of a residential property which they had been renting for several years, with the intention of carrying out light refurbishment works before selling it on.

Shawbrook’s dedicated short-term loan team issued an indicative mortgage offer within four hours of receiving an application for an RB2 regulated bridging product.

The client sought to borrow 100% of the agreed purchase price with a second charge over one of their existing buy-to-let properties.

A £481,000 bridge was agreed at 61% LTV over 12 months with the interest rolled up for the term.

However, just four days before completion was due it was discovered that the client’s solicitor had not yet begun working on the case.

In response, Brightstar approached Penningtons Manches LLP from Shawbrook’s in-house legal panel.

The solicitor took care of all the necessary legal work and enabled the loan to be completed just three days after being instructed.

Brightstar’s client also received a 10% discount on their legal fees for using a solicitor from Shawbrook’s panel.

Emma Cox, commercial mortgages sales director at Shawbrook, said: “This transaction would simply not have happened without the combined expertise of broker, solicitor and lender and it’s a pleasure to hear just how committed each party was to providing the best solution for the customer.

“The performance of Penningtons Manches LLP was exemplary and I’m thrilled to hear that both Brightstar and the client were impressed by the efficiency of our legal panel.”

Jo Logan, short-term lending specialist at Brightstar Financial, added: “The client couldn’t be more grateful.”


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    john wells

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