Shawbrook Bank has completed a £1.18m developer exit bridging loan for an experienced property developer requiring short-term funding to support their next project.
Shawbrook’s strategic partner, Watts Commercial Finance approached the lender looking for a suitable short-term finance solution to enable their client to focus on their next property development of three high end, luxury houses.
The lender worked with Watts to complete the £1.18m bridging loan in advance of the client’s target date.
The funds were provided at 75% LTV and on a 12-month term.
G & E Richardson, directors at Jacob Homes, said: “Having worked in the property sector for many years, we value the importance of a good broker and bank to help us as our property business continues to grow. Having assessed the market, it was apparent that Shawbrook could tick all the boxes.
“The whole process was slick; we were in regular communication with our broker who, in turn, acted efficiently with the bank. Communication was excellent and most importantly, we were able to complete in advance of our target date.
“We will certainly be looking towards Shawbrook, via Watts for any funding we require in the future.”
Mark Heywood, senior commercial manager, Watts Commercial Finance, added: “Teamwork’ is the word – all parties pulled together on this one, the clients who are experienced developers, us as the broker, Shawbrook and the solicitors all played their part to ensure a smooth process and timely completion with release of funds enabling our clients to concentrate on their next property project.”
“The clients’ efficiency in providing documentation and information to us certainly contributed to this and the support from Shawbrook once the finance was agreed was equally excellent throughout.”
Gavin Seaholme, head of sales at Shawbrook’s Property Division, added: “Bridging finance is about communication, speed and execution. Working with Watts gave us a deep understanding of the client’s needs, combined with our strong appetite and working as one team from client to broker to funding we worked to get the desired outcome for the client.”