Shawbrook Bank provides urgent £7.8m BTL loan

Shawbrook Bank has completed a £7.8m loan to refinance a development facility on a 94-room PBSA block.

The bank was approached by Sirius Property Finance in September and issued an indicative mortgage offer to the customer, with Shawbrook instructed to progress the case in mid-November.

A lengthier approval procedure was required due to the size of the loan and the complex nature of the property.

Shawbrook obtained pre-valuation credit approval and began the legal process while waiting for the valuation in order to shorten the timescale.

Despite further challenges arising with the valuation, which was received on 10th December, and further approval steps required, as well as the pressure of the bridging loan’s expiration date approaching and the customer leaving the country for Christmas, Shawbrook worked with Sirius and met the completion deadline of 18th December.

The £7.8m loan was agreed at 70% LTV on a 10-year, interest-only term.

Gavin Seaholme, head of sales at Shawbrook, (pictured above), said: “Working closely with such a professional and knowledgeable broker partner in Sirius Property Finance was key, and being in constant communication played a huge part in the success of this case.

“Everyone involved knew exactly what to do and how to respond to the challenges to get the job done, delivering a great outcome for the customer.”

Nicholas Christofi, managing director at Sirius Property Finance, added: “This case shows just what is possible when everybody in the process pulls together in the same direction to identify and execute a solution.

“The complex nature of the transaction and challenging timeline were overcome thanks to the hard work and ingenuity of the team at Shawbrook and Charlotte Stanford, one of our debt advisers at Sirius, who led this case and was key in driving it across the line.”

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