ANY PROPERTY USED AS SECURITY, INCLUDING YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
OUR COMMERCIAL MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY OR THE PRUDENTIAL REGULATION AUTHORITY.
Shawbrook Bank has supported a customer with a £14.5m bridging loan, allowing them to refinance a large, self-contained office building near Uxbridge town centre.
Shawbrook was approached by one of its ‘Strategic Partners’, West Rock Capital, with a client who had purchased the property in 2019. The client had obtained pre-application consent to convert the building into residential units and was expecting a considerable uplift in value.
Shawbrook worked closely with the broker to understand their client’s strategy, which is to either sell the property once planning permission is obtained or to carry out the works themselves. With both options presenting real potential, Shawbrook agreed an 18-month term, allowing adequate time for either eventuality.
After receiving the property valuation on a Tuesday afternoon, Shawbrook acted quickly and completed the £14.5m bridging loan, at 69% LTV, just two days later.
Westley Richards, Director at West Rock Capital said
“Despite the time pressure, Shawbrook was able to demonstrate its ability to understand the borrower’s business plan and structured a bespoke loan facility to suit their requirements. The strong relationship between Shawbrook, West Rock Capital and the borrower meant that all potential issues were identified and resolved early.”
Gavin Seaholme, Head of Sales at Shawbrook Property Finance added
“This case is a prime example of how bridging can be used to support an investor’s strategy and help them maximise their returns.
At Shawbrook, we’re committed to supporting investors requiring large transactions which, in most cases, requires a specialist team. Our expertise and experience of this loan type, combined with the in-depth knowledge of West Rock Capital, meant we were able to deliver a fantastic outcome for their client and we look forward to watching their plans for this property unfold.”