Shawbrook helps Somerset based investor re-establish property investment activities30 May 2018
We were approached by our Strategic Partner Bedrock Business Finance with a client seeking to re-establish his property investment activities. The client had previously owned four investment properties that had to be sold as part of a divorce agreement and was now looking to re-enter the market. The client identified a conversion project in Somerset comprising of two self-contained apartments that had planning to convert back to their original configuration as a three-bed single residential house. The purchase price was £150,000 and the client was seeking funding at 75% of £113k for the conversion.
As the client did not own an investment property portfolio at the time of purchase, he did not exactly meet Shawbrook’s required criteria for a project of this nature. However, having produced evidence of a similar refurbishment project undertaken in 2015, and in view of the client’s experience via his own brokerage business, Shawbrook were willing to tailor its requirements and assist the client with his plans.
The loan/purchase was completed five weeks following the enquiry, and further to the successful completion of the conversion work, the client was able to refinance their Shawbrook loan, by which time the client had moved on to his next project. This was a similar project to the previous one, and Shawbrook were more than happy to assist based on the information previously supplied. The client is understandably happy to receive Shawbrook’s ongoing support, as it has allowed him to re-establish his property investment activities.
Paul Newman, Bedrock Business Finance comments: “Shawbrook’s initial pragmatic approach and speed of delivery has delighted the client, who has been happy to approach the bank for subsequent funding and continue to grow his property investment activities. As Strategic Partners of Shawbrook, we at Bedrock Business Finance always find it a pleasure to deal with the Short Term Loan lending team, who keep us fully updated at all stages”
Sales Director for Shawbrook Commercial, Emma Cox adds: “This case perfectly highlights Shawbrook’s holistic approach to lending. Rather than judging a book by its cover, our Short Term Lending team have spent time understanding the client’s previous experience and made their lending decisions based on this evidence. The fact also that the client has returned to Shawbrook, following his initial deal with us, is a great testament to the service we deliver”.