Shawbrook has provided an unregulated bridging loan to support a client seeking to raise funds to swiftly capitalise on an investment opportunity at auction.
Introduced to Shawbrook by bridging loan specialists, The Right Loan Ltd, part of The Right Mortgage Group, the client was looking for £80k refinance on a 12-month term for the property purchase with a very tight deadline.
The use of an AVM (Automated Valuation Model) was one of the key elements that allowed the case to progress at speed. Enabled through the MyShawbrook portal, the specialist lender’s application platform, the technology streamlined the valuation process as an external valuer was not required, translating into significant time-and cost-savings for the client.
Other factors that helped Shawbrook to diligently manage the tight deadline was the ability to use title insurance, solicitors instructed on the same day the application was submitted, and the close relationship with The Right Loan Ltd who were able to provide all the necessary documentation in a timely manner.
Lewis Peagam, director at The Right Loan Ltd, said: “After being let down by another lender, we took the case to Shawbrook. Matt and the team really stepped up and came through for the client under considerable time pressure. The ability to use an AVM and title insurance were hugely beneficial to this case so we would like to thank Shawbrook for delivering for this landlord so they didn’t miss out on a great acquisition opportunity.”
Matthew Taylor, national relationship manager at Shawbrook, said: “Understanding the unique requirements for each case is fundamental to how we operate. Having technology that improves the efficiencies of the underwriting process, as well as expertise within the team meant that we deliver great funding solutions for landlords. I’m delighted that we were able to provide this client with the bridging loan required in a tight timeframe especially as another lender had not be able to support.”