Shawbrook Case Study: Simple Residential Investment “RI0” for Portfolio Expansion
18 February 2016
Loan size of £68,343 at a gross LTV of 75%, for a 3 bedroom maisonette in Chester.
Shawbrook Bank is always eager to develop working relationships with new customers, as well as maintaining close ties with its existing customer base. This case featured a new borrower relationship for the Bank, with the investor looking to expand their existing portfolio of four buy-to-let (BTL) properties by securing an additional residential property in the form of a 3 bedroom maisonette in Chester.
The experience of the applicant was a fit for the Shawbrook market of professional property investors, landlords and SMEs. With Shawbrook Strategic Partner Watts Commercial Finance brokering the loan, the lending teams were able to proceed from initial application to indicative mortgage offer (IMO) in just four days, on 19th October 2015.
Shawbrook’s valuer partners at Appraisers UK swiftly confirmed the desired property’s value at £90,000, and the Shawbrook lending teams liaised closely with Watts Commercial Finance, gathering all necessary items to expedite the case as smoothly as possible.
Moreover, the Bank’s legal partners at Pure Law were able to provide funds for drawdown a day before completion, as requested by the customer’s solicitors and demonstrating Shawbrook’s ability to deliver for its customers at short notice. Bearing in mind the difficulties associated with operational capacity pre-Christmas, the Shawbrook teams managed to achieve completion on the 18th December 2015, in time for the festive break.
Karen Bennett, Sales & Marketing Director of Commercial Mortgages at Shawbrook commented:
“The appetite for our Simple Residential “RI0” product was very encouraging upon its introduction last year, resulting in a good pipeline and several completions towards the end of 2015.
We’ve since diversified our original “RI0” product into a Simple Residential range, with three separate products focusing on straightforward BTL, HMO business and multi-let units respectively. The Shawbrook lending teams have seen an increase in this type of business and look forward to seeing its progress throughout the year.”
The broker, Mark Heywood from Watts Commercial Finance, added:
“I knew that my client, an experienced BTL investor was precisely the type of borrower which would benefit from Shawbrook’s Simple Residential products. My colleagues and I have dealt directly with the Bank many times in the past, and as such had confidence in their ability to process this case efficiently.
Communication channels were always open and my client’s solicitors really appreciated the pragmatic dialogue with Shawbrook’s legal panel at Pure Law, with the client especially pleased with their expanded property portfolio.”
