Shawbrook has completed the first regulated bridging mortgage deal with its RB1 product.
< 
div>Shawbrook has completed the first regulated bridging mortgage deal with its RB1 product.
The loan was for £113,165 on a LTV of 14.6% to facilitate the purchase of a new home while the client was waiting for their current home to be sold.
The deal was completed with broker Vantage Finance.
Lucy Hodge, Head of Sales for Vantage Finance, said: “Vantage Finance is delighted to have completed Shawbrook’s first regulated bridging mortgage case on their exciting new product range.
“The RB1 product was perfectly suited for our client’s requirements; initial interest in the bank’s new regulated offering has been encouraging and we very much anticipate this is the first of many successful completions for our clients utilising Shawbrook’s RB1 and RB2 products.”
Shawbrook currently offers two regulated bridging mortgage products and has seen a promising uptake with terms issued on 6 other cases.
RB1 is for no refurbishment and available from 0.59% per month and RB2 is for light refurbishment and available from 0.65% per month.
Karen Bennett, Sales & Marketing Director for Shawbrook Commercial, said: “We’re very excited about the first completion on our new regulated bridging mortgage range.
“The service provided by the Shawbrook lending manager was outstanding and always focused on smoothing the process for Vantage’s client, who is exceptionally pleased with the ease and professionalism they experienced throughout the process.
“This will be the first of many regulated bridging mortgage completions as our offering grows in this encouraging marketplace.”
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