Shawbrook Bank has made a number of changes across its commercial mortgages product range.
Changes for residential properties (specialist buy-to-let, short term and residential refurbishment) are as follows:
- On loans over £750,000 Shawbrook has removed its minimum margin restriction and increased its maximum LTV to 70% from 65%
Changes for commercial properties (commercial investment and trading businesses):
- Rates now from 5.45% above 3 month LIBOR up to 60% LTV on its commercial investment product CI1, a reduction of 0.50 bps
- Rates now from 4.95% above 3 month LIBOR up to 60% LTV on its semi commercial investment product CI2, a reduction of 0.25 bps
- Rates now from 5.45% above 3 month LIBOR up to 60% LTV on its commercial trading business product TB1, a reduction of 0.50 bps
Shawbrook has also introduced a semi-commercial option for trading businesses, where the residential element has a separate access.
Rates now from 4.95% above 3 month LIBOR up to 60% LTV on its semi commercial trading business product TB2.
Karen Bennett, director of sales and marketing, commercial mortgages, Shawbrook Bank, said: “These changes reiterate our commitment to the commercial mortgage market.
“We have ambitious growth plans for 2013 and beyond, and will continue to work closely with our brokers to ensure that our commercial mortgage product offering, service and processes really work for them.
“Our field sales team regularly feed back brokers’ thoughts on how we can improve our products and processes, and these changes have been made in response to their comments. We are very proud of the collaborative relationship we have with our brokers and are confident these changes will be positively welcomed in the market.”