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Refurbishing a Grade II listed building for £132k at 70%

01 November 2017

Product: RR1
Loan amount: £132k
LTV: 70%

A Grade II listed building in Carlisle, available at auction, would make a perfect rental for doctors at a nearby hospital. The investors had concerns about securing funding due to the listed status, but with the valuer confirming demand, Shawbrook were able to proceed to Indicative Mortgage Offer in two days of receipt of application.

The case proceeded to completion but a problem with consent from the council resulted in a delay to the work. With assistance from in-house solicitors Pure Law, Shawbrook overcame this so that the extent of the property - and Shawbrook’s charge - could be registered.

Lending guidelines usually dictate refurbishment within six months of completion, but we were happy to take a flexible approach to both the customers and their security.



  • rates from 4.55% above 3m LIBOR
  • up to 75% LTV
  • loan terms from 3 to 10 years
  • interest only options available

‘The Credit team took a pragmatic approach to the news of the delay. The Bank recognised that this was outside the clients’ control. Once the works had been completed, we were able to release 75% of the after-works value, further improving our clients’ position.’

Steven Hogg, Watts Commercial Finance