Shawbrook saves borrower from hefty redemption

Shawbrook saves borrower from hefty redemption




Specialist bank Shawbrook has announced the completion of a commercial investment loan in just six days, saving the client up to £30,000.

The purpose of the deal was to repay a bridging loan from a lender that was charging a penal rate of interest on the loan.

The client was being pressured by the bridging lender to complete by 7th April, and, as a result, a fast completion was necessary to prevent the redemption figure rising by up to £30,000. 

Shawbrook and Seddons were able to negotiate with the lender to carry over the same redemption figure.  

Shawbrook completed the £516,423 loan at a rate of 66.64% LTV, on five years interest-only. 

The bank credited the efficiency to Seddons Solicitors, a member of on-site legal partner, Pure Law’s panel.

David Tonks, of Advocate Finance, a Shawbrook Broker Partner who acted on behalf of the client said: “This is the first Shawbrook deal I have worked with Seddons Solicitors on, having obtained their details from Pure Law’s list of panel solicitors for Shawbrook business.

“The service has been outstanding, especially from Partner Simon Noonoo.

“At every point, Simon worked alongside Pure Law to get this case completed in a timescale which, to be quite honest, I thought may not be feasible.

“I will definitely be recommending Simon and Seddons Solicitors to my future clients after an excellent all-round performance.”

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