The specialist bank will now offer up to 90% loan to value (LTV) on lending for refurbishment costs while reducing the minimum loan amount on smaller loan products from £150,000 to £100,000. Borrowers taking out loans of £100,000-150,000 will benefit from rate reductions of up to 0.2% per month. Rates on loans above £150,000 will start from 0.69% per month.
Alongside the pricing and LTV enhancements, Shawbrook has simplified several underwriting requirements. Title insurance is now available on lending for refurbishment cost facilities.
Borrowers applying for commercial bridging finance no longer require previous experience subject to a satisfactory exit strategy. Heavy refurbishment experience criteria have been relaxed to allow underwriters to support customers moving into heavier projects.
The bank has also removed several underwriting requirements, reducing the number of documents required from brokers.
This builds on the recently launched automated valuation model (AVM) bridging proposition, with up to 75% LTV now available on individual houses and flats, subject to criteria.
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Daryl Norkett (pictured), director of real estate proposition at Shawbrook, said: “We know brokers value speed, flexibility and certainty when placing bridging cases. These enhancements are designed to make it easier to access funding across a wider range of scenarios, while supporting brokers with a more streamlined application process.”
Last month, the bank launched a dedicated purpose-built student accommodation (PBSA) range.
