Shawbrook Bank provided a client with a mortgage of £ 670,000 to purchase a semi-commercial property at auction.
The lender was approached by a new broker partner, CM LifeCycle Finance, for an auction bridging loan, which was to be completed in four weeks. The client was looking to quickly secure the purchase with a bridge, then switch to a term mortgage and lease the property.
Once the principle request was received, Shawbrook reviewed the documentation and issued a formal mortgage offer within the week, with the bridge loan and term loan applications executed side by side. The client was able to move directly to the term mortgage, eliminating the need for a bridging loan and saving them money on additional arrangement fees.
Shawbrook provided a semi-commercial mortgage of £ 670,000 at 75% LTV with an interest term of only 25 years. The funds enabled the client to purchase a commercial unit on Main Street with access to a private residential apartment.
Gavin Seaholme, Sales Manager at Shawbrook Bank, said: “One of the advantages of our offering is that we can help clients secure their investments quickly through bridge financing and then support them in the future with our products. in the long term. In this case however, thanks to the expertise and efficiency within the team, we had the opportunity to save money for the client and put it directly into the term mortgage.
“We worked seamlessly with our broker partner to get the job done and we are delighted that we were able to deliver the best possible result to the client. “
Clare Marlow, Director of CM LifeCycle Finance, added, “We had 28 days to complete this file and after reaching out to a number of lenders, Shawbrook and one other lender had the most competitive rates. With difficult deadlines, the other lender had expressed doubts about meeting such an urgent deadline. Shawbrook assured me from the start that they were well positioned to withstand even the tightest deadlines, so for me the decision was clear.
“We all worked closely to organize the bridge, with a term loan application running. Not only did they finish on time, we didn’t need the bridge because the term loan ended so quickly. The whole process was really easy, and Shawbrook was fantastic to work with.