Bridging & Commercial can reveal that Shawbrook Bank is planning to launch its new short term proposition in the next 5-7 days.

The product will be available for semi-commercial purposes at up to 65 per cent LTV with a competitive headline interest rate of 0.7 per cent for purchase applications only.

Residential and mixed use property will provide security for the loans and will be required to have a minimum value of £250,000, with loan sizes ranging from £150,000 to £2.5 million.

The product has been designed to target the investment property market specifically in strong geographical locations, however, additional security will not be accepted but properties requiring refurbishment may be considered.

When asked about Shawbrook’s plans to enter the short term lending market, Stephen Johnson, New Business Director at Shawbrook Bank, said: 

“We see this as a natural extension of our current offering to compliment the needs of our existing client base, who already require the use of our longer term products. Our short term offering will primarily be available to established property professionals with a strong personal net-worth and an A1 credit history.”

He added: “We have an existing panel of brokers in place to deal with the distribution of this product.”