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Short-term loan completed six days after valuation

01 November 2017
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Product: STL1
Loan amount: £7.5M
LTV: 68%

Our Commercial Mortgage business was delighted by the rapid completion of a short-term loan in excess of £7.5m via our strategic broker partner Buchler Barnett Spencer. Securities were seven residential units within an office conversion in Old Street, Central London - and the timing of the transaction was something of a challenge.

The full valuation report was received immediately after the unexpected EU Referendum result. Our Lending Manager proactively consulted the valuer for more commentary on the potential impact of Brexit. Satisfied, the formal offer was issued and with straightforward legal conditions the lending team proceeded to complete just six days after receipt of the initial valuation.

 

Highlights

  • rates from 0.55%
  • up to 75% LTV
  • loans from £50k to £15m
  • no minimum term or minimum interest

‘The Bank’s underwriters played a vital role in the successful outcome of this case. The communication I received from them as well as the Group Credit Committee was clear, honest and always designed with my clients’ requirements in mind.’

Westley Richards, Buchler Barnett Spencer