£2.9m Bridging Loan Facility03 November 2017
A £2.9m bridging facility was secured despite significant time pressure due to the borrower being abroad. To add fuel to the fire, a slight discrepancy with planning permissions for a garage extension on the existing property meant that the value was called into question.
Rather than being a deal-breaker, as is so often the case, the Shawbrook teams consulted directly with all parties and worked with the valuer to agree a marginal drop of £50,000. The slight time delay due to the resolution of this issue could also have meant the expiration of credit searches, but Shawbrook was happy to extend the offer for a further 10 days to accommodate this. The case moved to completion soon after much to the satisfaction of the customer.
"The Shawbrook Regulated Bridging range provides solutions for many customer types and we are pleased to have a healthy appetite to lend on both a small and big-ticket basis. This case was viewed practically from start to finish, and with the expert guidance of the broker, resulted in the right outcome for the borrower which is all we can ask for upon completion."
Daryl Norkett, Regional Development Manager, Shawbrook Commercial Mortgages