Shawbrook revamp successful Short Term lending range
17 September 2015
Following a recent pricing reduction of 0.50% across their Large Loans proposition, Shawbrook has rolled out a series of enhancements to its popular Short Term lending range. Launched in 2013, the Short Term loan products have been well received by the market and the lender has capitalised on record completions at the end of 2014 with a good performance throughout this year.
The highlights include an increase in LTV of up to 75% for all residential products, 70% for semi-commercial & mixed use (standard & light refurbishment), and up to 65% for commercial. The Bank has also introduced a lower LTV bucket with a lower pricing to match at 0.59%.
In addition, Shawbrook has separated out the commercial element from its traditional STL8 product to create a new short term product catering exclusively for this type of business in the form of STL9, providing clarity to brokers at the heavy refurbishment end of the offering.
Karen Bennett, Sales & Marketing Director for Shawbrook Commercial comments:
“A natural part of operating within an ever changing marketplace is the requirement to adapt and change according to the needs of our brokers and their clients. Increasing our LTV bandings and looking closely at the pricing demonstrates our on-going appetite to lend in this space. Our client profile of the experienced property professional and investor remains unchanged and consequently, we feel comfortable with our risk curve at the higher LTV and reduced rate.
We look forward the impact of these improvements and to continuing the Shawbrook approach of scrutinising our proposition to ensure it delivers in the best interests of the borrower.”
Lucy Hodge, Director at master broker Vantage Finance echoed this sentiment, commenting:
“We have worked with Shawbrook almost since their inception in 2011 and were impressed by the introduction of their highly competitive short term offering in 2013. The Vantage team is well versed in processing short term business from a wide range of introducers, with experience transacting across the lender spectrum for a diverse client profile.
The changes introduced by Shawbrook make an already competitive short term proposition even stronger, and we look forward to the positive impact this will have for Vantage, our introducers and their clients. The range has been clarified further, with extended LTVs and reduced pricing - all of which demonstrate a strong commitment to improvement to ensure good customer outcomes as much as possible.”
