Shawbrook completes loan for auction purchase just 7 days after issuing Formal Offer
28 November 2016
On the Bank’s RI0.1 product for Simple Residential Investment, 25 years interest only at 75% LTV…
Shawbrook’s Commercial Mortgages department has recently completed a £127k Residential Investment loan with a challenging completion target, brokered by Investment & Business Mortgage Company LLP. Their client, Mr. Alan Bedwell was looking to raise funds for purchasing a property at auction.
The broker submitted the initial application via “E-AIP”, Shawbrook’s online system for Residential and Commercial Investment applications. E-AIP is designed to expedite the application process as much as possible for both broker and client, with efficiency benefits such as providing an instant IMO being a core aim.
Due to there being some further conditions for investigation, in this case the application was referred to a Shawbrook underwriter for further analysis. A Lending Manager investigated and responded with an AIP to the broker within 4 hours – a key service proposition for the Shawbrook Commercial team.
Mr. Bedwell, along with his broker, was proactive in his communication with Shawbrook in order to complete to the necessary timescale. The Lending Officer on the case spoke to Mr. Bedwell and was able to instruct solicitors on the same day and, after receiving the signed offer documentation the next day, the Shawbrook teams got to work with immediate effect. This ensured that funds were released on the same day and completion took place three business days ahead of schedule.
Colin Slaney, Director at Investment & Business Mortgage Company LLP commented:
“We have been a Broker Partner of Shawbrook’s for over a year now and, during that period, several of our clients have benefited from their knowledge and common sense approach to lending.
“Mr. Bedwell has only positive things to say about the Bank’s people as well as their way of doing business and I can see why. With a tight deadline on the horizon, Shawbrook released funds with time to spare, an impressive outcome for my client and one which exemplifies their skill and efficiency when it matters most.”
The client, Alan Bedwell was pleased by the service he received:
“I’m an investor who has dealt with a range of banks and specialist lenders over the years. But I have to say, I was really impressed by the service I received from everyone at Shawbrook.
“Their people were helpful, professional and made the entire process as straightforward as possible. Shawbrook’s legal partners at Pure Law were also exceptional and highly efficient when it came to expediting the land registry requirement. All in all, a very good experience and a lender I would recommend to fellow landlords and investors.”
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