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, alongside its Strategic Partner, Vantage Finance, recently supported a customer with a £189,000 bridging loan, enabling them to purchase a 3-bed property at auction and complete refurbishment works.
Vantage Finance approached Shawbrook seeking a bridging loan on behalf of their client wanting to purchase an end-terraced house in Birmingham for £220,000 at auction. The customer, an experienced portfolio landlord, planned to refurbish the property and sell on, with the works initially estimated to cost around £18,000.
The property was later found to have some issues with damp and asbestos, as well as requiring some repairs to the roof, meaning an additional £15,000 was needed to complete the renovations.
Shawbrook Bank was able to provide a bridging loan at 85% LTV including its ‘Lending for Refurbishment Costs’ product addition, enabling the customer to raise £22,000 of the funds needed to complete the works and sell the property. Being an auction purchase, the case was time-sensitive, but the bank acted quickly, comfortably completing the case within the requested 6-week timeframe.
To learn more about unregulated bridging finance and to watch a short video about our ‘Lending for Refurbishment Costs’ product addition, visit our page.