Shawbrook large residential loan completion
Shawbrook Bank recently completed on a large residential loan on its LRI1 product for single dwellings, with a 10 year term on a gross loan-to-value (LTV) of 76%. The total loan was £1,404,844 for the property, which is based in a sought after holiday destination close to Bournemouth.
In spite of a 75% LTV limit across its lending, the Shawbrook lending manager was able to take a pragmatic approach, making a small exception in this case due to the strength of the application. After speaking to their broker, Laybourne Commercial Finance, as well as the credit team at Shawbrook, a solution was swiftly reached.
The customer was originally tied to a loan agreement with a high street lender before being told that the bank no longer wished to retain their business, requesting that they refinance elsewhere. After negotiating a settlement with the bank, the broker sought out Shawbrook to see if we were able to provide an exit that suited their client.
Although there were difficulties across valuation timescales, the residential investment team were able to liaise with both the broker and the team at Appraisers UK, ensuring the valuation was completed to a schedule which suited the customer.
The customer took advantage of Shawbrook’s non-rep refinance service, whereby they can waive the right to solicitor representation, designed to make the process to completion quicker and more streamlined. This non-rep facility saves money for the client by eliminating one set of solicitor fees and it is a service made available by the bank to both individuals and limited companies. With this in mind, the residential investment team worked closely with their partners at Pure Law to proceed from solicitor instruction to completion in a little over two weeks.
The broker, Liam Keighley from Laybourne Commercial Finance commented:
“Having worked closely with the Shawbrook teams before, I was confident that the bank would be able to assess my client’s case in a reasonable way whilst doing everything they could to make the deal happen. As an experienced commercial finance broker, I was pleased with the speed at which the case progressed, as was my client.
“Whenever there was a potential hurdle, I was able to discuss this with the Residential Investment team at Shawbrook to alleviate any difficulties. This provided clarity for all parties involved and was vital to such a positive outcome.”