The funding was required by the client for the refinance of a sizeable commercial property of 83 self-contained units, all let on short-term leases. The customer also wished to finance an additional large commercial multi-let project.
The total £7m loan was agreed at 75% LTV on a ten-year term, offered on Friday and completed by the Monday afternoon.
Gavin Seaholme, head of sales at Shawbrook’s property finance division (pictured above), said: “A complex case like this calls for an experienced team of specialists.
“Working seamlessly with our expert strategic partner, we were able to gain a deep understanding of the client’s needs and end goals, which was crucial to the success of this case.
“This existing Shawbrook customer has a proven operating model which has been successful throughout the pandemic, so we are happy to support them on their continued investment journey.
“While much of the commercial property sector faces challenges, this is a clear example of how there are still opportunities out there in the market.”
Original article featured here…
At the end of last year, Shawbrook acquired RateSetter’s development finance business.