Shawbrook Bank has completed a £9.45m loan for the purchase of properties in central London.
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div>The short-term loan was completed with the lender’s strategic partner, Buchler Barnett Spencer, whose client was a property investment vehicle with a large portfolio and a strong track record in residential property redevelopment.
The loan, which had a gross loan to value of 70%, was primarily used to fund the purchase of the properties which included a hotel, several apartments and a large house of multiple occupancy.
Shawbrook’s credit team discussed the loan during the first week of the new year and the offer was sanctioned on 8th January.
However, the deal was complicated by the offshore structure of the broker’s client, which included two separate entities registered in the British Virgin Islands and the Marshall Islands.
This meant that Shawbrook’s lending teams had to proactively seek the necessary legal opinions from the relevant jurisdictions so that the deal could proceed.
In addition, Shawbrook’s valuer partners, Appraisers UK, had to give a considered judgement on the total value of the properties because it had not been granted access to all of them.
In the meantime, Shawbrook’s on-site legal team had to gain adequate reassurance that the properties could evidence established use.
Once all the significant queries were answered, the case proceeded from offer being issued to full completion on 29th January – a total of just 15 business days.
Westley Richards, Broker at Buchler Barnett Spencer, said: “As a long-time strategic partner with Shawbrook, I’ve completed on numerous short-term cases with the bank.
“This has to rank as one of the most demanding - and reaching such a positive outcome for my client wouldn’t have been possible if it wasn’t for the determined day-to-day work put in by the lending team for this case.
“The interaction between Pure Law and my client’s solicitors in regards to the planning issues was thorough and exacting, with a professional approach taken by all parties resulting in a satisfactory conclusion,” concluded Westley.
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