£22m Portfolio Refinance

03 November 2017

The Shawbrook teams were given sight of the bones of this transaction in June 2017, with the requirement to refinance a large, predominantly residential portfolio in South East London. After subsequently meeting with both broker and customer in late June to discuss their exact requirements and how Shawbrook could build a solution that would deliver to these requirements, terms were agreed for a £22.4m facility.

The valuation process was instructed in early July with the customers visiting Shawbrook's Brentwood campus to meet senior team members and expand on the product offering available to them as professional investors.

A total of 17 properties were valued using the AVM process with the remaining property valued by Lamberts who provided their reports by mid-August. This information returned as expected and the transaction was progressed at a LTV of 58%. The legal process began soon afterwards and moved swiftly and smoothly towards completion, testament to the expertise and diligence of our in-house solicitors who worked closely with the Shawbrook teams and the customer throughout.

Drawdown of the facility took place on the 30th September and the customer was delighted with the efficiency and timescales involved for such a large transaction.

Shawbrook comment:

"This was one of the largest cases I have worked on during my tenure at Shawbrook and it was hugely gratifying to see this move across the finish line without a hitch. Five Finance is a highly professional and knowledgeable Shawbrook Broker Partner, and their close relationship with our team and deep understanding of how we work is one of the main reasons this large deal completed without any problems.

We are pleased to continue to support the portfolio market - particularly given the recent changes announced by the PRA - and our appetite and desire to lend in this space remains undimmed."

Marc Champ, Senior Relationship Manager, Shawbrook Commercial