Shawbrook completes £13.6m development loan

Shawbrook Bank has partnered with distributor Black Book Finance to complete a £13.6m development finance loan in just six weeks.

The funding was for the purchase of an office block with consent for it to be converted into 74 residential units.

An application has also been submitted to add further units in the building’s roof space.

Shawbrook agreed to a dual facility, with the first tranche based on the current planning consent and further funding to be drawn on receipt of the revised consent.

In addition, the specialist lender agreed a loan to meet the related VAT bill.

Stephen Johnson, deputy CEO and managing director at Shawbrook Bank (pictured above), said: “Having successfully partnered with him [Michael Clapper, executive chairman at Black Book Finance] and his team over many years in the past, I am confident that Black Book Finance will continue to go from strength to strength.

“We are delighted with this latest completion, and even more so to welcome Black Book as a Shawbrook partner.”

Michael added: “This was a complex development deal with strict deadlines, and I have to say that our team did an outstanding job; working all hours to bring all parties together to get it over the line.

“Likewise, the team at Shawbrook was a genuine pleasure to work with as ever, and pulled out all the stops to ensure it completed in time.

“We now have a delighted introducer and their clients, and my thanks go to everyone involved.”

Leave a comment