Earlier this week, Shawbrook launched a new heavy refurbishment product (STL6) for property investors and also enhanced two further products.

Karen Bennett, Head of Commercial Mortgages, Shawbrook Bank, said:  “We know from our brokers that they see a real demand for this kind of finance, so we’re really excited to be able to respond to that feedback and support them with the addition of STL6 to our range. Last Autumn, we created our dedicated STL desk and are pleased to have completed over 100 deals since then.”

There is no Head of the STL Team as such, but Lisa Crane, Head of Lending Operations, Commercial Mortgages, is currently one of the more senior members of the team.

Shawbrook’s Short Term Loan (STL) desk currently has a team of six lending officers. Karen informed B&C: “We’ve got a great STL team and as we grow we’ll naturally look to develop and add to that team.

“We are looking for a Head of the Short Term Lending desk, someone with a bridging background.”

The STL team works to tight deadlines and is dedicated loan proposition more attractive to property investors and developers.

Shawbrook Bank’s STL6 product is aimed at investors wishing to make heavy refurbishments on the properties they intend to buy.

The product is designed to help investors wishing to add value to their investment, by allowing them to undertake heavy refurbishment, which is defined as any work requiring 15 per cent of the current property value to carry out. This would include refurbishments such as, “loft conversions, internal configurations or changes of use”.

In reference to the new product launch, Karen added: “But this isn’t enough for us. We see this move as further evidence of our commitment to the STL market, and this is just one of the many initiatives we have up our sleeves. We want to set the standard in the short term finance arena, as we have in the commercial mortgages market.”

ST6 product details:

•    0.89% per month pricing up to 70% LTV (based on MV not GDV);

•    Terms up to 18 months – no minimum interest, or minimum term;

•    Repayment options of fully serviced, part serviced-part retained or fully retained.

As well as expanding the STL range, Shawbrook’s STL4 (Residential Light Refurb) and STL5 (Mixed-Use Refub) products have been refined and criteria improved. Changes include:

-    The maximum term has been extended to 18 months;

-    LTV limits on refinances across all STL products have been removed;

-    On STL4 the need for a commercial valuation on properties under £1 million has been removed. Residential valuations will now also be accepted;

-    Additional security can now be accepted as standard;

-    STL panel managers can list valuations as a priority, to ensure swifter turnaround times.

The changes have further clarified and extended Shawbrook’s short term lending offering. Its processes have evolved and its short term products are growing in presence in the market.

Shawbrook’s appetite to further innovate will be further announced as the lender is set to launch a new improved process in the next few weeks.