Shawbrook aids ambitious property developer

Shawbrook Bank has come to the aid of a landlord who was looking to add two additional securities to their portfolio…

The Buy-to-Let landlord had ambitious plans to buy two new properties in the Manchester area.

The loan was intended to provide the deposit for those premises and add them to the loan on a first charge basis.

The experienced landlord, who was already an existing client of Shawbrook, managed a portfolio and the limited company which was behind the project had also provided some outside income along with a large surplus of rental income from existing properties.

The existing loan was secured against a large property which was originally an office before being converted into residential flats.

As a result, the client wanted to undertake similar conversions with the two new properties.

Both properties were in need of some maintenance but the client was happy to carry these out as they had previously carried out work on larger properties.

Even though the valuations of the buildings came in below the lender’s expectations the low LTV and the client’s background meant Shawbrook was happy to move forward with the offer.

The broker involved, Tim Bamber of 2XL Commercial Finance praised Shawbrook saying: “Dave Ellis, Shawbrook’s Specialist Lending Manager, was a key influencer behind this and after a telephone interview between myself, Dave and the borrower, the case was swiftly approved.”

“The loan draw down was overseen by Jenny Barham, a Senior Lending Officer, who pulled out all the stops.”