Shawbrook Bank

Shawbrook provides £14.5m bridging loan for commercial property refinance

Shawbrook Bank has completed a £14.5m bridging loan to refinance a large self-contained office building near Uxbridge town centre.

The lender was approached at the end of June by West Rock Capital, whose client had purchased the property in 2019 and obtained pre-application consent to convert the building into residential units, with a considerable uplift in value expected.

The borrower aims to sell the property once planning permission is obtained or carry out the conversion works themselves.

Based on the potential of both options, Shawbrook decided to complete the 18-month loan at 69% LTV, two days after receiving the property valuation.

Gavin Seaholme, head of sales at Shawbrook (pictured above), said: “This case is a prime example of how bridging can be used to support an investor’s strategy and help them maximise their returns. 

“At Shawbrook, we’re committed to supporting investors requiring large transactions which, in most cases, requires a specialist team. 

“Our expertise and experience of this loan type, combined with the in-depth knowledge of West Rock Capital, meant we were able to deliver a fantastic outcome for their client and we look forward to watching their plans for this property unfold.”

Westley Richards, director at West Rock Capital, added: “There are few lenders in the market that can turn around such complex funding requirements in such a short timeframe. 

“Despite the time pressure, Shawbrook was able to demonstrate its ability to understand the borrower’s business plan and structured a bespoke loan facility to suit their requirements. 

“The strong relationship between Shawbrook, West Rock Capital and the borrower meant that all potential issues were identified and resolved early.”

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