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Shawbrook Bank completes large bridging refinance deal

by: Edward Murray
  • 23/08/2016
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Shawbrook Bank completes large bridging refinance deal
Shawbrook Bank has completed a £1.48m short term loan for a professional investor, underlining its ongoing appetite for this type of business.

The deal carried a loan to value of 69% and was arranged on the bank’s STL1 product for 12 months, on an interest only basis.

The broker was PCF Financial Services and its client needed an immediate bridging solution to refinance away from their existing lender within tight timescales.

After receiving the valuation report, the Shawbrook lending team – along with its in-house legal team, Pure Law – worked to address a number of outstanding conditions before completing on the loan within a fortnight of the formal mortgage offer being issued.

Mark Sarratt from the broker PCF Financial Services, said: “My sincere thanks go to Andy Thurston and Stacey Thomas, the lending manager and lending officer on this case respectively. Along with the rest of the Shawbrook Commercial team, they pulled out the stops for us to get this case over the line.

Emma Cox, sales director for Shawbrook commercial mortgages, said the bank had to overcome a number of issues with searches and get updated Local Authority and Drainage and Water searches.

She added: “Despite a short delay at the start of this case with organising the valuation, we were able to progress to completion quickly as soon as the valuer was engaged.”

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