The improvements are part of the bank’s continued commitment to the short and medium term finance market for property professionals.
The changes include:
• Standard commission paid on STL products increased to 1.5 per cent on all loans up to £2.5 million, with Shawbrook’s Strategic Partners receiving 1.95 per cent.
• Shawbrook will now accept refinances on all its short term and medium term loan products, to broaden the scope of its lending and enable brokers to complete more deals.
Shawbrook offers a monthly interest rate of 0.69 per cent on its short term loan products which, combined with increased commission and a fast, efficient service, offers brokers an attractive option.
As with the bank’s current lending criteria, it is essential that property investor clients are experienced with a successful track record of similar projects.
Shawbrook also requires that clients have material independent net worth and income, and for the customer to personally guarantee the loan.
Karen Bennett, Head of Sales and Marketing, Commercial Mortgages at Shawbrook, said: “We made the commission change in recognition of the huge amounts of work that brokers have to undertake, under very tight timeframes, to complete a deal.
“We value the strong relationships we share with our broker partners and their market knowledge and feedback allows us to continually enhance our products and processes to meet both their, and market requirements.
“These are permanent improvements to our offer, not just flash-in-the-pan gimmicks, and further establish our commitment to the short term finance market and our brokers.”
Brokers can view full product details of the product changes here: https://www.shawbrook.co.uk/commercial/login/
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