Shawbrook extends residential and commercial LTVs

Shawbrook Bank has extended the LTV and removed its minimum margin restriction on its central residential product, while also introducing a number of improvements to its commercial mortgages range.

 

The lender has ended quarter two with the announcement that a raft of changes are to be introduced across its bridging and commercial offering

 

The changes, announced at today’s NACFB Commercial Finance Expo, are a testament to Shawbrook’s continued commitment to UK based property investors, SMEs and its network of brokers.

 

Within its Residential Properties range – which can be used for specialist buy-to-let, short term and residential refurbishment purposes – Shawbrook has removed its minimum margin restriction and increased its maximum LTV from 65 to 70 per cent.

 

In addition, the Bank has enhanced its Commercial Properties offering (for commercial investment and trading businesses):

 

•           Commercial investment product CI1: rates now from 5.45 per cent above three month LIBOR, available up to 60 per cent LTV;

•           Commercial investment product CI2: rates now from 4.95 per cent above three month LIBOR, available up to 60 per cent LTV; and

•           Commercial trading business product TB1: rates now from 5.45 per cent above three month LIBOR at up to 60% LTV.

 

Shawbrook has also introduced a semi-commercial option for trading businesses, in which the residential element has a separate access.

 

Rates for the semi-commercial trading business product, known as TB2, start at 4.95 per cent about three month LIBOR, and are available at up to 60 per cent LTV.

 

Karen Bennett, Shawbrook’s Director of Sales and Marketing, Commercial Mortgages, said: “These changes reiterate our commitment to the commercial mortgage market. 

 

“We have ambitious growth plans for 2013 and beyond, and will continue to work closely with our brokers to ensure that our commercial mortgage product offering, service and processes really work for them.

 

She added: “Our field sales team regularly feed back brokers’ thoughts on how we can improve our products and processes, and these changes have been made in response to their comments.  We are very proud of the collaborative relationship we have with our brokers and are confident these changes will be positively welcomed in the market.”

 

The changes will go live as of today’s launch at the NACFB Commercial Financial Expo, of which Shawbrook is one of the show sponsors.