Shawbrook Bank

Shawbrook and Coreco complete £11.5m BTL deal

Shawbrook Bank has worked together with Coreco Commercial to complete a £11.5m BTL loan, secured against a portfolio of 18 HMO properties across London.

The broker approached the specialist bank on behalf of its client — a professional landlord and property developer — who was seeking funds to refinance the portfolio charged across various lenders, as well as raise additional funds to repay other shareholders in its company.

The facility — agreed at 75% LTV on a 10-year interest-only term — enabled the client to simplify both the finance against their portfolio and the company structure, streamlining it down to just two 50/50 shareholders.  

The application was submitted via the MyShawbrook Buy-to-Let digital application portal, and the deal took six weeks to complete.

Gavin Seaholme, head of sales at Shawbrook Bank (pictured above), said: “Cases of this size are never short of complexities and it takes a team of experts, supported by cutting edge technology to overcome the challenges they present. 

“Both Shawbrook and Coreco have the expertise required, but it is our ability to work seamlessly as a team that is an even more valuable component. 

“Leaning on our technology to remove the heavy lifting and help guide the case through more efficiently is the cherry on the cake, and it is an area we plan to continue to invest heavily in support of our brokers.”  

Julian Ingall, director at Coreco Commercial, added: “The teamwork on this case was impressive and crucial to the successful outcome. 

“A transaction of this kind and size always comes with twists and turns, but despite this and the busy time of year, the team guided this through in just over five weeks. 

“The client was delighted by this incredible turnaround.” 

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