Shawbrook Bank has completed a bridging loan for a customer who needed short-term funding to complete an urgent auction purchase.
NM Finance approached the lender with only two weeks before the purchase was due to complete.
A valuation of the two-bedroom freehold property was required urgently and there were also some contract issues that arose the day before completion, with two land transfers required on the same day.
Shawbrook provided a £155,000, 12-month interest-only bridging loan on a 75% LTV. The customer plans to complete works on the property before refinancing onto a buy-to-let mortgage.
The customer said: “We purchased the property at auction with 28 days to complete the purchase. Both NM Finance and Shawbrook Bank delivered a tailored solution to enable the acquisition to be completed on time. We are very impressed with this and would look to work with both parties again on future acquisitions and funding arrangements.”
Max Mace at NM Finance, added: “This was a complex case with an aggressive timeline, due to auction purchase deadlines. As a strategic partner, we work with Shawbrook regularly, and from day one I knew this would be a good fit. It was a pleasure to work with Shawbrook, both our regional development manager and the underwriter made sure these deadlines were met.”
Gavin Seaholme (pictured), head of sales – property at Shawbrook, said: “Working closely with our partners to overcome challenges quickly and efficiently is essential in any case, but it’s especially important with tight timescales such as these. This is a great example of working as a team to deliver the best outcome for the customer.”