This purchase also includes a development finance loan portfolio with facilities which total £167m.
The experienced team from RateSetter and over 100 new active development finance customers will join Shawbrook as a result of this deal.
Terry Woodley, managing director of the development finance business at Shawbrook, said: “This is a fantastic acquisition and one that complements our existing development finance operations.
“Over the last four years, we have consistently responded to the funding needs of established regional property developers, enabling us to create a development finance business which has subsequently grown rapidly in size, reputation and confidence.
“Customers in this market require specialist fit-for-purpose funding products, delivered consistently and by experienced people who understand the dynamics of a build and the wider property market.
“The RateSetter business has been built by serving the needs of property developers in a key part of the market that remains underserved by traditional lenders. Naturally, this expands the market opportunity for the bank, and we are thrilled to welcome the RateSetter Development Finance team and new customers to Shawbrook.”
Peter Behrens, RateSetter chief commercial officer, added: “This transaction demonstrates the enduring quality of RateSetter’s loan assets.
“I am pleased that our property finance team can go to a new home where they will complement the Shawbrook team and continue to grow the franchise they have built.”
Original article featured here…
Shawbrook recently repriced rates across its range of bridging products, with rates now available from 0.5%.