Shawbrook completes Short Term Loan deal to ambitious timescale

09 December 2015

Shawbrook Bank is pleased to announce the completion of a Short Term Loan (STL) deal, processed from initial enquiry to completion in only 10 business days. MCIFA’s client is the latest borrower to benefit from Shawbrook’s strong case management skills, successfully completing on the purchase of an additional property.

The Bank was approached by the broker, MCIFA, whose client was desperately seeking a short term finance solution, to facilitate the purchase of an additional property at almost immediate notice.

With the initial enquiry received on 19th October, the Shawbrook Lending Officer was able to swiftly process an Application in Principle on the same day for a loan value of £1,174,635, on a gross LTV of 71% applying the STL1 product.

Pure Law, Shawbrook’s in-house legal team was instructed immediately and set about referring the case to their title insurers. It soon became evident that cover may not necessarily be provided, due to the security in question being a new build and the valuer initially unsure whether there were snagging issues still outstanding. The alternative was to proceed with a full title investigation, which would have slowed up the deal and prevented the borrower from purchasing their additional property in time.

With time scales tightening, the Shawbrook Lending Manager contacted the valuer to work through the problem, and received subsequent confirmation that all works were complete on 29th October.

Normally, Shawbrook would insist on a full title investigation for any loan of £1m and over to guarantee absolute clarity for all parties involved in the loan. Nonetheless in an effort to get this case completed to the tight time scales required, the Bank was able to look at the deal pragmatically, using title insurance to progress the case. Shawbrook is eager to look at each deal on a case by case basis to ensure the customer benefits form a desired outcome as much as possible, without a tick box in sight.

Shawbrook also stated that credit must go to Jon Scammell, the broker, whose prompt responses to all questions were vital in processing the deal from enquiry to completion so efficiently.

The broker, Jon Scammell from MCIFA commented:

“My client found a property they were desperate to purchase at short notice; however, they needed to borrow a substantial sum of money to facilitate this. We required a lender who would assess the case on its merits, provide a quick answer if the deal was possible or not, then act decisively to complete in time.

“Shawbrook immediately sprung to mind; having worked extensively with the Bank before, my clients have benefitted from the proactive approach taken by the Shawbrook Lending Managers in the past. As a property professional, I really enjoyed the daily work which went into making this deal a reality – something which Shawbrook truly excel at.”