The investors wanted to refinance the freehold on the block of six recently converted flats in Gillingham, Kent which generate £45,000 of rental income per annum.
The client’s aim for the capital raise was to help with the expansion of their portfolio through the development and refurbishment of additional properties.
Shawbrook’s underwriters worked closely with Prospero Finance – which specialises in residential investment – from application to completion.
The process was said to be “largely seamless”, except for one challenge where the client requested that the aggregate value was taken into consideration, rather than the block value.
Taking this into account, the underwriting team navigated it with buy-in from both broker and client to deliver the completion.
Shawbrook financed the £527,000 capital raise on a 10-year interest-only term at 75 per cent loan to value (LTV).
Martin Smedley, director at Prospero Finance, said: “Our client has significant plans for their portfolio and I’m really pleased we were able to help them along their property journey.
“Shawbrook dealt with the case smoothly, even when there were a couple of small issues to navigate along the way, but their flexibility was a factor in getting this deal across the line.”
Richard Winston, business development manager at Shawbrook, added: “With specialist brokers like Prospero working alongside our experienced underwriting team, we ensured that we could support the client on their property journey.”