Shawbrook meets broker demands with updates to its short-term loan criteria

After launching a campaign to assess its service delivery in which it consulted with both senior management and a panel of broker partners, Shawbrook has announced four main changes to its STL (short-term loans) product range. 

• Experience required for STL 1-5 products has been redefined to be 'relevant experience’ rather than having to meet a prescriptive standard.
• For STL 6-9 products, Shawbrook had previously required for relevant experience in similar projects to have occurred within the last two years. However, they have now extended this to within the last five years.
• Shawbrook no longer requires business and personal bank statements on cases where the client is both rolling up the interest and there is sufficient information contained within the bank’s credit search to prove satisfactory conduct of personal debt.
• Client's experience in the development market no longer requires validation where the bank’s exit is development finance.

Karen Bennett, Sales & Marketing Director for Shawbrook Commercial, commented on the positive effects for short-term cases. “We regularly review our product range between the lending and senior management teams. This occurs alongside feedback gathered from our broker partners to see if any improvements can be made, and following a recent session around our STL offering we have decided to make these changes.

“We realised that some of our conditions for short-term cases have been considered, on occasion, a little rigid by brokers. By updating our criteria, especially around what is classified as ‘relevant’ experience we are providing our broker partners with a streamlined service which will increase confidence in our offering, as well as improving the case journey on STL submissions.”