Case Study: Shawbrook completes £5.8m re-mortgage of a 25 property portfolio

09 March 2016

Completed on the Bank’s Large Residential Investment (LRI) 3 product.
10 business days from offer to completion.

At just over 70% LTV, this sizeable portfolio was brought to the Shawbrook Commercial team by Broker Partner ‘Bespoke Business Finance’. After consulting internally with the Credit Team and liaising closely with Bespoke, the Shawbrook Lending Manager issued an offer on 26th January 2016 before achieving completion on 9th February 2016.

An initial stumbling block was the valuation report on the portfolio which came in slightly lower than expected. However the Shawbrook lending teams looked at the case on its individual merits and given that this customer was an experienced long term investor, the teams felt confident to progress the deal at just under £5.8m using the full aggregate value based on the valuer’s report. Bespoke Business Finance was also highly proactive in regards to the valuation issue, and in helping the teams to reach a debt level which was acceptable to their client.

An additional hurdle came in the shape of minor historic CCJs on the client’s copybook. A full and thorough investigation revealed that this was caused by a dispute with an old supplier who was taken over by a third party, and the lending teams progressed the deal taking a pragmatic view given the strength of this client’s investment track record.

The customer’s experience was clear to see and the broker was pivotal in ensuring the client’s solicitors were fully prepared to act as soon as a formal offer was issued. Having a solicitor that is fully aware of the complexities of this market is crucial in order to progress the case quickly, and savvy investors work closely with their conveyancing team to ensure necessary information is communicated to all parties, including Shawbrook’s on-site solicitors Pure law.

Steve Williams, Partner at Bespoke Business Finance notes:

“Shawbrook’s ability to process this case to completion within just over a fortnight of receiving the valuation report was very impressive indeed. My thanks go to Business Development Manager Marc Champ, Head of Sales Emma Cox, Lending Manager Dave Ellis and Lending Officer Kerry Washbrook-Smith for their excellent work in getting this deal over the line.

“I found it especially useful that Shawbrook’s Credit Relationship Manager, Tim Rist, was able to visit my client in SW19 at a location convenient to them at short notice. The communication between Tim and his colleagues at Shawbrook was clear and paramount in achieving the ambitious timescales we set.”