Shawbrook Bank

Shawbrook supports two conversion projects

Shawbrook Bank’s development finance team has partnered with Black Book Finance to provide £7.1m of finance for two conversion projects.

The specialist bank has been working with the distributor to provide funding to support the conversion of a building in Ealing, west London, into eight flats with six further units at the rear along with a commercial unit.

Shawbrook stepped in to support the conversion as the borrower faced pressure to repay the existing lender prior to default.

The bank provided a short-term bridge of £2.1m in only four days to repay the existing lender.

Once the construction reports have been finalised, the bridging facility will be converted into a development facility, with Shawbrook providing further funding to allow the conversion works to complete.

Black Book and Shawbrook also worked together to provide a £5m facility secured against a large office block in Borehamwood, which will be converted into 51 apartments.

Michael Clapper, executive chairman at Black Book Finance, explained that development projects were never straightforward and said it would always be ready to sort out inevitable curveballs.

“The projects in Borehamwood and Ealing were no different, and once again our team delivered an outstanding effort, pulling out every stop to ensure it got sorted in time.

“Once again, the team at Shawbrook showed the same level of commitment, and only by working in partnership were we able to get the job done for our clients.”

Terry Woodley, director of development finance at Shawbrook, said it was proud of what it had done with Black Book so far and was looking forward to working with them again.

“Our partnership with Black Book Finance continues to go from strength to strength, and we’re seeing how their growing reputation for high-quality delivery is translating into higher numbers of new business enquiries.

“We share a commitment to applying specialist expertise and a can?do approach to each transaction, pulling together and going the extra miles in order to deliver great customer outcomes.”

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