Shawbrook, the specialist UK savings, development finance, and bridging finance bank, has reached its target to lend £1bn in development finance, nearly a year earlier than forecast. The lender doubled the number of loans made to property developers in the last financial year, providing 92 in total, at a value of £380 million. The previous year saw loans at a value of £180 million.
Growth was particularly strong in Bristol and the South West in Shawbrook’s development finance portfolio during the twelve months to April. This accounted for 25% of the total lend, whilst the South East represented 30% and the Midlands 11%. A loan for a new development in Birmingham, the Photographic Works, enabled the lender to reach its target.
Terry Woodley, managing director, development finance at Shawbrook Bank, said: “Reaching £1 billion in development loans represents a significant milestone for our business. The fact we have achieved it in less than five years is a testament to the strength of our product, the expertise of our team and our commitment to supporting developers across the sector through challenging periods.
“Appetite for property endured the pandemic. We’ve seen strong demand for funding from large developers delivering significant eco-developments and regeneration projects, to the smaller developers that need a specialist lender to understand how they operate and can work with them as they deliver schemes concurrently.
“Our customers are increasingly pushing boundaries to tackle the UK’s development challenges. As we target the next £1 billion, our focus will be championing the innovation that will ultimately lead to more sustainable and affordable developments in the years to come.”
Original article featured here…
Shawbrooke recently completed a a £27m buy-to-let refinance and capital raising deal, achieved within four working days of the offer being issued.