Shawbrook Bank’s commercial mortgages has stepped in to provide a vital bridging loan for a client of its strategic broker partner, Brightstar Financial.
Brightstar’s client required the finance at short notice, with a specific deadline for completion. The loan was being used to purchase the freehold of a residential property which the client had been renting for several years, with the intention to carry out light refurbishment works before selling on the property.
Brightstar approached Shawbrook with the case and the bank’s short-term loan team provided an IMO within four hours of receiving the application on the RB2 regulated bridging product.
The client’s aim was to borrow 100% of the agreed purchase price, with a second charge provided over one of their buy-to-let properties. A full loan amount of £481,000 was agreed at 61% LTV over 12 months, with the interest rolled up for the term.
Despite both Brightstar and the Shawbrook short-term loan team carrying out all the necessary work to progress the loan to completion,, just four days before completion was due it was discovered that the client’s solicitor had not yet begun to work on the case.
With a looming deadline threatening to derail the transaction, Brightstar investigated the possibility of their client using a solicitor from Shawbrook’s in-house legal panel, headed by Pure Law.
Brightstar spoke to Penningtons Manches LLP from the legal panel. The solicitor took care of all necessary legal work and played what Shawbrook says was a vital role in completing the loan to schedule – just three days after being instructed. As an added benefit of using a solicitor from Shawbrook’s legal panel, Brightstar’s client also received a 10% discount on their legal fees.
Jo Logan, short term lending specialist at Brightstar Financial, said: “On behalf of the short-term lending team at Brightstar, I cannot thank Nick Owens from Penningtons Manches LLP enough. Brian Hayes brokered the deal our end and liaised directly with the client, whilst I worked alongside Shawbrook as well as their legal panel Pure Law.
“Nick was vital to ensuring this positive customer outcome, even going out to visit the client at short notice in order to hit the challenging completion deadline. The guidance of Shawbrook’s senior development manager Peter Turner was exceptional and this really was a concerted team effort. The client couldn’t be more grateful.”
“This transaction would simply not have happened without the combined expertise of broker, solicitor and lender and it’s a pleasure to hear just how committed each party was to providing the best solution for the customer,” added Emma Cox (pictured), Shawbrook’s commercial mortgages sales director.
“The performance of Penningtons Manches LLP was exemplary and I’m thrilled to hear that both Brightstar and the client were impressed by the efficiency of our legal panel.”