Shawbrook Bank has announced enhancements to its short term lending range.
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div>Shawbrook Bank has announced enhancements to its short term lending range.
Key changes include an increase in loan-to-value (LTV) of up to 75% for all residential products, 70% for semi-commercial and mixed use products and up to 65% for commercial products.
Karen Bennett, Sales and Marketing Director for Shawbrook Commercial, said: “A natural part of operating within an ever changing marketplace is the requirement to adapt and change according to the needs of our brokers and their clients.
“Increasing our LTV bandings and looking closely at the pricing demonstrates our on-going appetite to lend in this space.
“Our client profile of the experienced property professional and investor remains unchanged and consequently, we feel comfortable with our risk curve at the higher LTV and reduced rate.”
Shawbrook has also separated the commercial element from its traditional STL8 product and created a new short term product exclusively for this type of business.
The product enhancements have been welcomed by brokers.
James Hardwick, Managing Director at Charleston Financial, said: “As ever, Shawbrook Bank show themselves to be at the forefront for responding to the needs of their brokers and customers alike.”
“With these new enhancements, Shawbrook have taken what was already a very strong product range and turned it into a market leading offering.
“Add this to the ability to flip their short term loans into a longer term mortgage facility and Shawbrook is catering for pretty much all circumstances.”
Lucy Hodge, Director at master broker Vantage Finance, added: “The range has been clarified further, with extended LTVs and reduced pricing, all of which demonstrate a strong commitment to improvement to ensure good customer outcomes as much as possible.”
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