Black Book Finance arranges £7.1m of lending with Shawbrook Bank

by:
  • 09/04/2018
  • 0
Black Book Finance arranges £7.1m of lending with Shawbrook Bank
Shawbrook Bank’s development finance team has lent £7.1m in two deals with Black Book Finance.

 

One transaction worth £5m was secured against a large office block in Borehamwood, Hertfordshire, with consent to be converted into 51 apartments.

Due to initial planning being secured for 42 apartments, the facility was agreed to be drawn down over three stages.

The first was for the acquisition of the building, the second for conversion works on 42 apartments; and the final stage available, subject to planning approval, involved the additional nine apartments.

The funding involved tight deadlines, with the situation complicated by legalities and more than £1m of the client’s deposit being at risk.

 

Short-term bridge

In the other deal, a building in west London was to be converted into eight flats, with six further units to the rear, all above a commercial unit.

Shawbrook stepped in with a short‐term bridge for £2.1m – agreed and completed in four days – to allow for the necessary construction reports, and repayment of existing lender before default.

Once the construction reports have been finalised, the bridge will convert to a development facility.

Michael Clapper, executive chairman at Black Book Finance said: “Development projects are never straightforward, even when they might appear so at first, so our team fully understands the requirement to always be ready to sort out the inevitable curveballs whenever they might appear.

“This level of focus and commitment has allowed Black Book to establish itself as a go‐to source for all types of large and/or complex funding requirements.

“Once again, the team at Shawbrook showed the same level of commitment, and only by working in partnership were we able to get the job done for our clients.”

Terry Woodley, director of development finance at Shawbrook Bank added: “Our partnership with Black Book Finance continues to go from strength to strength, and we’re seeing how their growing reputation for high quality delivery is translating into higher numbers of new business enquiries.

“We’re proud of what we’ve done with Black Book so far and looking forward to working with them again.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions
Read previous post:
Masthaven_James Bloom
Masthaven completes £800,000 bridging case

Specialist lender Masthaven has completed its first larger loan bridging case in a transaction worth £800,000.

Close