Shawbrook provides urgent £1.48m bridging refinance

The bank’s commercial mortgages team provided a £1.48m STL1 loan at 69% LTV on 12 months interest only for an investor who needed to refinance away from their existing lender immediately.

The loan was completed within two weeks of the formal mortgage offer being issued, despite receiving outdated local authority, drainage and water, and national grid searches.

Emma Cox, sales director for Shawbrook Commercial Mortgages, said: “Despite a short delay at the start of this case with organising the valuation, we were able to progress to completion quickly as soon as the valuer was engaged.

“I am especially pleased by the pragmatism our lending teams displayed with regard to the planning issues around a solar panel installation, as well as the delay in receiving some insurance documentation.

“By taking a view and not allowing this to threaten the completion of the loan, we exemplified our commitment to making expert lending decisions with the client’s best interests in mind.”

In order to complete the loan quickly, Shawbrook’s lending manager allowed the deal to go ahead with only an updated local authority and drainage and water search, and additional commentary from both the architect and planning consultant.

The deal was brokered by Mark Sarratt of PCF Financial Services Ltd, a strategic partner of Shawbrook Bank.

Mark added: “My sincere thanks go to Andy Thurston and Stacey Thomas, the lending manager and lending officer on this case respectively.

“Along with the rest of the Shawbrook commercial team, they pulled out the stops for us to get this case over the line.

“Their efficient management is typical of what I have come to expect of Shawbrook, with swift progression of the case so important to the positive outcome my client received.”