The case was completed on Shawbrook’s STL1 product at 75% LTV and brokered by Assured Independent Financial Services, a newly accredited broker partner of the specialist bank.
The exit strategy for the loan was the sale of the remaining properties in the development.
Following the quick sale of three of the six properties shortly after placing them on the market and the borrower’s strong track record in property investment, Shawbrook was confident to move the case forward.
The bridging facility was provided pending the sale of the remaining properties in the development.
“This was our first completion with Shawbrook Bank,” said Neil Plaister, adviser at Assured Independent Financial Services.
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“They lived up to both our expectations and their promises, delivering funds on time that allowed our client to exit their previous commitment with a high street bank, while raising funds for future projects.
“Not only did Shawbrook achieve all objectives set, they did so in a transparent, friendly and efficient way that bodes well for our new relationship.”
Shawbrook said that this type of developer exit loan had been in high demand lately across the specialist space.
“Developer exit products have experienced a boon in popularity as of late, with several specialist lenders launching into the market,” said Emma Cox, sales director for Shawbrook’s commercial team (pictured above).
“Here at Shawbrook Commercial, we have a range of products well-suited to this and a strong appetite to lend in this space.”