Shawbrook Large Loan completion for executive homes specialist Qdos Developments Ltd.

01 December 2015

This Shawbrook Case Study covers the successful completion of a large residential loan for Qdos Developments Ltd., a property investment vehicle focusing on the development of executive homes for high net worth individuals throughout Cheshire and surrounding areas.

Qdos originally held a portfolio with a high street bank who wished them to exit, placing the customer in a difficult financial predicament which required a fast and effective solution. The bank gave Qdos a deadline to complete with an offer of debt forgiveness of over £1 million pounds if the demanding target date was achieved.

From initial contact through to completion just five weeks later, Shawbrook’s Large Loan Team was able to secure finance for the customer split across two entities to the tune of £3.26m, with an average LTV of just over 65%. The bulk of the loan was required to refinance a residential investment property with an estimated value of £3.5m, in addition to a part repayment of an existing first charge to a high street lender. The remainder of the payment was facilitated by the applicant’s own cash resources.

Shawbrook reached an agreement with the broker to provide all documentation on day one, ensuring clarity for all parties involved in what was a complex lending scenario; the Bank also liaised closely with their in-house legal team Pure Law during pre–offer along with the applicant’s solicitors, to make sure the ambitious completion timescale was met.

Arranging to meet off-site for a customer interview using their Field Credit Relationship Manager, Shawbrook visited the customer locally and therefore saved them from a long journey which was greatly appreciated.

The broker, Steven Hogg from Watts Commercial Finance commented:

“From start to finish we managed to complete a deal within five weeks, a fantastic turnaround. Whilst we had a delay with the valuer who unfortunately didn't meet the required SLA, the Shawbrook team ensured that everything was done behind the scenes to ensure this progressed in the timeliest manner possible, with very quick responses and clarification when a tight deadline was required to be met.

“Qdos is impressed with both Watts and Shawbrook, with a positive outcome for the client assured.”