Shawbrook and CSC combine on £500k second charge for land purchase

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  • 20/02/2020
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Shawbrook and CSC combine on £500k second charge for land purchase
Shawbrook Bank has advanced a £500,000 second charge loan to a borrower who needed to purchase land next to their home before it was snapped up by commercial developers.

 

The homeowners feared if the developer bought the land to be used for commercial purposes it would have a negative impact on the value of their property so they needed to move quickly to complete the purchase.

Shawbrook said it encountered unusual Land Registry issues on the application but managed to fund the deal within seven working days of its submission by broker CSC Loans.

An offer was issued to the client on Shawbrook’s prime range at a rate of 4.2 per cent up to 65 per cent loan to value.

Emma Cox, sales director at Shawbrook Bank, (pictured) said: “Due to the strong relationship we have with CSC Loans and the excellent quality of their packaging, the case was able to complete in such a short period of time and the client was able to save their property’s value.

“This case shows how important it is for a broker to be able to speak to one of our underwriters.”

 

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