Shawbrook Bank provides £7m loan to northern-based real estate developer and investor Scarborough Group - Shawbrook’s largest commercial mortgage in the region to-date, underlining the bank’s commitment to Yorkshire and the North East
Shawbrook Bank has provided international property developer Scarborough Group with a £7m funding line to support the business’s variety of interests and facilities.
The loan is the largest commercial mortgage provided by Shawbrook in the region to-date and will help Scarborough Group to finance property developments in the Northern powerhouse cities of Manchester, Leeds and Sheffield.
Local solicitors Schofield Sweeney, based in Leeds, were also instrumental in getting the deal completed.
As well as supporting its expansion plans, the funding line from Shawbrook will provide additional working capital headroom for the group as it continues to grow.
Jeremy Tutton, group financial director at Scarborough Group, said: “We quickly built up a strong relationship with the regional Shawbrook team, given their understanding of the market here. They worked well with Schofield Sweeney, and together they made the entire process remarkably simple. We wanted to avoid over-complicating the transaction as our priority was to get the job done quickly and efficiently, which is exactly what we achieved. We’ve found working with Shawbrook to be a refreshing experience.”
Mark Heyes, Senior Relationship director at Shawbrook Bank, says: “From our base near Leeds it was simple to spend time face to face with the client, getting to know the SG team, their current portfolio and their plans for growth. By quickly building this picture, it was relatively simple to then propose a solution that would meet the group’s needs. Being flexible and fleet of foot, we’ve been able to support a great client in Scarborough Group and deliver a landmark transaction for Shawbrook in the region.”
Manjit Virdee, real estate finance partner at Schofield Sweeney, added: “As a local solicitor we take pride in supporting successful regional businesses and it’s great to be involved in helping Scarborough Group to continue to grow. The business owns a number of well-known landmarks in Sheffield and through Kevin McCabe are part-owners of Sheffield United, so understandably we were delighted to be able to offer our council and expertise to ensure the deal was completed smoothly.”