Shawbrook completes £7.5m loan in six days

The lender teamed up with its broker partner Buchler Barnett Spencer for the loan secured on seven residential units in Old Street, London, for a client looking to refinance away from their existing development lender.

Complications arose when Shawbrook did not receive the full valuation report until after the unexpected EU referendum result, but the lender did not allow this to prevent the case from progressing.

Shawbrook consulted the valuer to assess the possible impact of the referendum outcome on the initial report and the lender was satisfied with the response. With rental demand strong, the case was presented to the bank’s weekly group credit committee before a formal offer was issued on the same day.

Another potential issue was that the planning of the previous development loan was secured via another lender, but Buchler Barnett Spencer’s client was an existing customer of Shawbrook with a strong track record meaning the lending team felt comfortable in proceeding to completion.

“Considering the size of the loan and speed with which it completed, we are pleased with this reflection of our lending appetite post-EU referendum,” explained Emma Cox, Sales Director for Shawbrook Commercial. 

“Whatever the future challenges, we remain committed to the professional investor and landlord via our dedicated network of broker partners, and we are confident in this market’s ability to continue to grow.”

Westley Richards, broker at Buchler Barnett Spencer, added that its client’s longstanding relationship helped enable the completion in such an impressive timescale.

“As I have come to expect, the bank’s underwriters played a vital role in the successful outcome of this case. 

“The communication I received from them as well as the group credit committee was clear, honest and always designed with my client’s requirements in mind.”