Shawbrook Bank has announced its completion on its new regulated bridging mortgage offering.
The lender worked with its Strategic Partner Vantage Finance for one of the latter’s clients.
It has two separate products, RB1 for no refurbishment from 0.59% pm and RB2 for light refurbishment from 0.65% pm; Shawbrook also has terms issued on six other cases.
This particular case was executed on the RB1 12 months interest only product, going from the Application in Principle being accepted on 8 October through to completion on 28 October 28.
With a gross loan of £113,165 on a LTV of 14.6%, the finance was required to facilitate the purchase of a new home whilst the customer was waiting for their residential property at the time to be sold. The RB1 product provided a the injection of capital to bridge this delay in the chain.
Lucy Hodge, managing director of Vantage Finance, said: “Vantage Finance is delighted to have completed Shawbrook’s first Regulated Bridging Mortgage case on their exciting new product range.
“The RB1 product was perfectly suited for our client’s requirements; initial interest in the Bank’s new Regulated offering has been encouraging and we very much anticipate this is the first of many successful completions for our clients utilising Shawbrook’s RB1 and RB2 products.”
Karen Bennett, sales and marketing director for Shawbrook Commercial, added: “We’re very excited about the first completion on our new regulated bridging mortgage range; the service provided by the Shawbrook lending manager was outstanding and always focused on smoothing the process for Vantage’s client, who is exceptionally pleased with the ease and professionalism they experienced throughout the process.
“This will be the first of many regulated bridging mortgage completions as our offering grows in this encouraging marketplace.”