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Shawbrook Bank completes record regulated bridging deal

by: Edward Murray
  • 10/10/2016
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Shawbrook Bank completes record regulated bridging deal
Shawbrook Bank has completed its biggest regulated bridging deal, providing almost £2.9m worth of finance on a 12-month, interest-only basis.

The bank’s commercial mortgage division completed the deal for a client of The Aftersales Network Ltd.

The borrower wanted to avoid a chain break. A signed occupier waiver was required before formal offer stage, which was provided and, despite a delay caused by the borrower being abroad, all necessary documentation was collected in good time.

There were some concerns around planning arrangements for the borrower’s current residence, whereby the correct permissions had not been ascertained for a previous garage extension.

The Shawbrook lending manager on the case consulted with the valuer to seek guidance on how this may affect the valuation and with only a marginal drop of £50,000 agreed, the case progressed to completion.

Shawbrook also took a pragmatic approach to credit searches that were due to expire, extending the offer for a further 10 days.

 

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