London Office Conversion - Short Term Loan03 November 2017
Shawbrook Bank's Commercial Mortgages business is pleased to announce the rapid completion of a short term loan in excess of £7.5m at 68% LTV, via Strategic Broker Partner "Buchler Barnett Spencer". The securities on the loan were seven residential units within an office conversion in Old Street, Central London with the client looking to refinance away from their existing development lender - a common tactical solution for the Short term lending range.
Despite not receiving the full valuation report until after the result of the EU Referendum, the Shawbrook Lending Manager did not allow this delay to impact progression of the case. Looking at the case practically, the Shawbrook lending teams consulted the valuer for additional commentary about how the "Leave" vote may impact their initial report.
Satisfied by the valuer's response and with strong rental demand for the property, the case was presented to Shawbrook's weekly Group Credit Committee before formal offer was issued on the same day. Legal conditions were, for the most part, straightforward and satisfied without delay. However, the one condition that could have been more problematic was that planning for the customers prior development loan was secured via another lender. The fact that Buchler Barnett Spencer's client was an existing Shawbrook customer gave the team great comfort with regard to this condition, and they successfully pushed for completion in the desired timeframe. The loan completed six days later with the customer benefiting further from the Existing Customer Discount of 0.25% on the margin or arrangement fee - available for all customers with an existing loan from Shawbrook.
"We have worked with Buchler Barnett Spencer for many years and are always impressed by their knowledge and expertise, as well as their consistent desire to get the best outcome possible for their clients. They have a very good understanding of how we work and of all our products and processes, which was one of the many reasons this case moved so swiftly to completion."
Marc Champ, Senior Relationship Manager, Shawbrook Commercial