Responding to demand driven by the flourishing buy-to-let market, the new range is intended to support brokers whose clients may be looking to release capital from, refurbish or purchase high value single or multiple properties.
The loans will range from £750,000 to £10,000,000, although loans in excess of this amount can also be considered.
The range will be priced from 4.20 per cent above 3-month Libor on residential properties and from 5.10 per cent above 3-month Libor on loans containing a commercial element for all customers, whether new or existing. This drop in price reflects Shawbrook’s appetite for this business.
The range will consist of:
• LRI1 – Single residential properties;
• LRI2 – HMOs;
• LRI3 – Residential portfolios;
• LCI1 – Commercial properties (both single properties and portfolios);
• LCI2 – Semi-commercial properties (both single properties and portfolios); and
• LCI3 – Mixed Portfolios (portfolios where a minimum 70 per cent are residential based on value).
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Karen Bennett, Sales & Marketing Director, Commercial Mortgages, Shawbrook Bank, said: “With the improving economy, our brokers are increasingly dealing with clients who want to have the flexibility of obtaining finance in relation to high value or multiple properties. We have had some great success in this area, and wanted to ensure all our brokers know that we have a strong appetite for this type of business. As these types of loans often have more specialist requirements, we decided to create dedicated products.”A recent deal enabled a client to secure a £2.5 million loan secured against a freehold block of 21 flats in London. Another client was able to refinance a portfolio of 12 leasehold flats and an HMO on a like for like basis.
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