Shawbrook completes £3.8m bridge in 4 days
Shawbrook Bank has given a true example of a strong broker-lender relationship with the refinance of an office block on Old Street in London valued at £5.75 million…
Shawbrook Bank has given a true example of a strong broker-lender relationship with the refinance of an office block on Old Street in London valued at £5.75 million…
The required loan amount of £3,737,500 (65 per cent LTV) was designed to allow the repayment of an existing bridging loan with the remaining funds to be used for enhanced planning and the purchase of an investment property in Brighton.
The London property benefited from existing planning permission for the addition of a penthouse to the block and the exit strategy for this short term loan (Shawbrook STL3 product) was to refinance with a specialist property development funder once further planning gain had been achieved.
In spite of the vacant commercial premises, which would currently sit outside of Shawbrook criteria, this was an existing client with a substantial development track record. Demand for commercial space was strong and ultimately there was real confidence in the development finance exit. As a result Shawbrook was able to get behind the deal making an exception to standard policy and support the application.
Shawbrook had been discussing the case for a week before the client was suddenly served notice to exchange within four days on his next project (due to a rival bidder) and the deposit was needed from its refinance urgently.
The Shawbrook Short Term Loan (STL) team pulled out all the stops, staying in constant contact with the broker throughout the process – a key factor in the quick turnaround of this case. Despite not even having the valuation when the timetable moved to four days’ notice, it managed to complete all the paperwork and legal due diligence within the four-day deadline.
Instrumental in the success of this case was the collaborative approach taken by all involved, from the broker and the Shawbrook Short Term Lending team in the form of Donna House, Kim Wood and Tina Bartlett, to Pure Law, the Shawbrook in-house legal team.
Introducing London-based broker Westley Richards of Buchler Barnett Spencer, commented: “We were delighted with the service we received from Shawbrook on this case. The terms were competitive and the process ran very smoothly from start to finish. Shawbrook were exceptionally efficient, enabling the deal to progress at a fast pace which was crucial for this transaction.”
“The Shawbrook team who dealt with this case were very informative, always available to speak to, and quick to respond to any queries we had. The information they required was set out in a clear format from the start which made it very easy for us to collate the relevant documentation. As a result of this experience we very much look forward to working with Shawbrook again in the near future.”
Fraser Sinclair from Pure Law said: “The success on this case revolved around a great team effort and is a direct reflection of the pro-active approach adopted by the broker and the dedicated short term lending teams now in place at Shawbrook Bank and Pure Law LLP.
“Sarah Norton on our part was exceptional and she essentially completed the legal due diligence side by side with the credit process so that everything was in place and ready to go in advance of the requited time frame.”
Stephen Johnson, Managing Director of Commercial Lending at Shawbrook Bank, added: “I was on holiday when I took the call that the timetable was now four days or the client was going to miss out on the next project. The pressure was on; fortunately for me the STL team and Pure Law for the deal done with the minimum of fuss and we were delighted to be able to help the client meet the deadline.”
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