Shawbrook
, the specialist UK savings and lending bank, has recently provided a £9m commercial loan and a £13m short-term loan for the funding of two separate properties by the same borrower.
Westrock Capital approached the bank with a client looking for funding for two different properties; a vacant office building in Watford, Hertfordshire, and a PRS apartment scheme in Kent.
The deals came to the lender 3 months ago, in late April, during a period of market uncertainty due to the Coronavirus pandemic.
After working tirelessly to complete the case, the commercial and short-term lending teams were able to release the funds just two months after the initial contract.
With a large amount of investment potential, the borrower was able to successfully secure both properties.
Shawbrook provided the vacant office building with £13m via a 12 month short-term loan, released on an interest-only basis. They also provided the full £9m for the PRS apartment scheme on interest only and fixed for five years.
Westley Richards, director at Westrock Capital, said: “I was very impressed with the bank’s ability and resolve to get these transactions completed in such difficult market conditions.
“Each loan had its challenges, but our team worked hard to ensure each transaction completed despite the complications posed by the Covid-19 lockdown.
“It was a pleasure working with Shawbrook and I look forward to working together again in the future.”
Emma Cox, sales director at Shawbrook Bank (pictured above), commented: “We are delighted that we have successfully enabled the client to secure two great investment opportunities.
“The current circumstances created hurdles that [we] both had to navigate, but the two teams worked brilliantly together to ensure the client received the funding required within the deadline.”
Original article featured here…