Shawbrook Bank has revealed that its commercial mortgages division has just completed on its largest ever regulated bridging deal.
It was worth almost £2.9m on its RB1 product for 12 months interest-only.
The borrower was a client of Shawbrook’s broker partner The Aftersales Network and was looking in this circumstance to avoid a chain break.
A signed Occupier Waiver was required before formal offer stage which was quickly provided and, despite a delay caused by the borrower being abroad, all necessary documentation was collected in good time and without major difficulty.
There were some concerns around planning arrangements for the borrower’s current residence, whereby the correct permissions had not been ascertained for a previous garage extension. However, the Shawbrook lending manager on the case consulted directly with the valuer to seek guidance on how this may affect the valuation. With only a marginal drop of £50,000 agreed, the case was able to progress to completion shortly after, much to the satisfaction of the client.
Credit searches were also due to expire but the Shawbrook teams extended the offer for a further 10 days.
Curtis Goring, managing director of The Aftersales Network, said: “My client is exceptionally pleased with the level of service they received on this loan, ending in a positive outcome.
“Shawbrook keeps it straightforward with just two regulated bridging products that have transparent criteria requirements. My clients appreciate this directness as do I, and I look forward to completing on many more regulated bridging mortgages with Shawbrook in the future.”