Shawbrook Bank

Shawbrook completes £137,000 loan using new bridging portal

Shawbrook Bank has completed a £137,000 unregulated bridging loan using its new MyShawbrook Bridging application portal.

The case was introduced by The Moneyhub on behalf of the client, who required the facility to complete an action purchase of a two-bedroom property in Colchester, Essex.

Using the bank’s bridging application portal, heads of terms were issued and solicitors and valuers instructed on the same day the application was submitted.

Working with Shawbrook’s specialist relationship and underwriting teams, a fully packaged case was submitted by The Moneyhub, after which the lender issued a full mortgage offer three days later.

The bridging facility was agreed at 81% LTV over a nine-month loan term.

Of the total sum lent, £10,000 will be used to carry our light refurbishment works on the property.

Gavin Seaholme, head of bridging and second-charge mortgages at Shawbrook Bank (pictured above), said: “The perfect blend of insightful and intuitive technology and an expert relationship and underwriting teams meant we were confident we could support this client with their next investment opportunity within such a tight timeframe.”

Gary Simmons, BDM and bridging specialist at The MoneyHub, added: “Auction purchases can be tricky, as the funding is usually required in a short space of time. 

“MyShawbrook Bridging was a brilliantly slick application portal, ticking a multitude of items off in the first day, followed by the Shawbrook team, who worked tirelessly to ensure that the case completed in 12 days — this was a great experience all round.”

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