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p>When it comes to bridging finance, apart from being able to move quickly, it is necessary to have the required funds available.
Shawbrook’s non-rep facility ensured that they could support an experienced client with a range of HMO properties when they were looking to raise capital to expand their portfolio.
Product: LR2
Property: HMOs
Loan lent: £780,000
LTV: 58 per cent
Arrangement Fee: 21.70 per cent
The client, an accredited HMO landlord, was looking to take advantage of a new supply of HMOs in his area, due to a cap of 10 per cent on student lets by Portsmouth Local Authority, which lead several landlords to look for exits.
He was looking for a loan of £780,000 to acquire additional HMOs.
Given the size of the loan, Shawbrook’s credit team arranged a client meeting. The client demonstrated an extensive knowledge in this area of investment, which satisfied their criteria.
Shawbrook offered an LRI2 loan with an arrangement fee of 1.70 per cent and LTV of 58 per cent, with two properties used as security. After the client took advantage of Shawbrook’s solicitor non-representation facility, the deal was completed only 10 days after the offer was issued and one set of solicitors’ fees were eliminated, making the deal more cost effective for the client.
The client was guided through the process by their broker and Pure Law acted for Shawbrook.
Due to the quick completion, the client was able to use the capital raised to purchase a property to which they had already committed.
John Webb of the Loan Partnership said it was a testament to Shawbrook that it was able to complete a loan of this size on the non-representation basis, saving its client time and money.
“The fact that this was a LTD company did not hinder the process and shows how valuable the Non-rep facility can be to our clients,” John added.
As Shawbrook continues to go from strength to strength, the firm recently appointed Jack Simon as an Outbound Sales Executive to its internal business development team. Jack will be supporting the team’s work with Shawbrook’s large introducer base to encourage the supply of supplementary business for brokers.
Jack’s role was designed to generate new business in areas not covered by external field sales by working with new and existing introducer bases, and then referring the business to one of Shawbrook’s brokers. Jack will be responsible for developing strong relationships with broker partners.
Sales & Marketing Director of Commercial Mortgages at Shawbrook Bank Karen Bennett said the firm was delighted to be able to bolster its business development team with a resource dedicated to sourcing introduced business for brokers.
“We are confident that Jack will be a valuable addition, and look forward to the impact he has on referred business via this key channel,” Karen added.
Jack Commenting on his new role, Jack said he was excited about the opportunity. “I’m confident that my understanding of this industry, together with my work with customers, means I’ll be able to help ensure that introducers don’t miss valuable business opportunities and that Shawbrook brokers derive even more value from our offering.”
When it comes to bridging finance, apart from being able to move quickly, it is necessary to have the required funds available.
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