Commercial Expert secures £337,500 loan from Shawbrook Bank
Commercial Expert Ltd and Shawbrook Bank have completed a £337,500 commercial loan for a Northeast Property Investor looking to expand their extensive property portfolio.
The deal was referred to Commercial Expert from Suzanna So at Secure Commercial Finance after the client had been declined by another lender during the legal stage due to the property configuration.
It was the property itself that presented a challenge in securing finance, being an unusual configuration, consisting of three retail premiers downstairs, with three flats above all being utilized as Houses in Multiple Occupations. (HMO’s).
The property made up a total of 11 Assured Shorthold Tenancy agreements and three leases.
Once this case was referred to Commercial Expert, they immediately contacted Shawbrook Bank with a pre-application enquiry, providing them with the original Valuation Report and the reasons behind the prior lender not accepting the application.
Commenting on the deal Daniel Brown, senior business manager at Commercial Expert said: “Shawbrook Bank underwriters have a common-sense approach when it comes to their application processes, making it seamless when providing your case – particularly if it is an unusual one like in this instance.
“From start to finish, the team was brilliant, and we are over the moon that we were able to work with them to get the client the funding they needed to move forward with their plans.”
Shawbrook Bank used an indemnity policy to cover a potential planning breach. This enabled progress to be made quickly, flying to completion in no time at all.
Commercial Expert believes that success is in finding the perfect lender for the client in question. Knowing that Shawbrook Bank has a flexible and common-sense approach to commercial finance made them the perfect match for this deal to go through.
Mike Coates, managing director at Commercial Expert added: “It is lenders like Shawbrook Bank that make the difference between a difficult and easy file. Getting to know our client needs gives us the chance to put them in contact with lenders we know will work within their best interest.”
“We’d like to thank Suzanna for referring the client to us. She turned to us after lenders rejected the initial applications. It is thanks to Suzanna for trusting our abilities that we were able to help the client get a successful deal for their desired property.”
Thanks to the success of the deal between Commercial Expert and Shawbrook Bank, the Northeast property investor is now the happy owner of another addition to their portfolio.