Shawbrook overhauls short term commercial loans

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  • 12/06/2018
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Shawbrook overhauls short term commercial loans
Shawbrook has slashed the number of products in its short-term commercial lending range from nine to five, as well as cutting loan rates.

 

The lender has also amended criteria and will accept applications from borrowers with no previous property experience.

And commercial to commercial refurbishments and lending on vacant commercial property will also be considered.

Three of the five products available are for borrowers carrying no or very little refurbishment, with rates from 0.43% per month up to 75% loan to value (LTV).

Two further products will be offered for heavy refurbishment with rates from 0.6% per month up to 75% LTV.

A 0.25% discount available for repeat borrowers will still be available, as well as no minimum interest periods or early repayment charges and a maximum 24 month term.

Emma Cox, sales director at Shawbrook Commercial Mortgages, said: “These improvements have been a long time coming and I am delighted to be able to announce them to kick off the summer months.

“The short term lending (STL) range has always been a top performer for Shawbrook, and we are confident that these changes will really resonate with our broker partners and their clients.

“We are also pleased to continue to deliver for ‘bridge to let’ investors, where the borrower looks to refinance the short-term loan onto a mortgage with no arrangement fee.

“We have more product innovation to the Shawbrook short term offering coming over the summer, and I look forward to announcing these in due course.”

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