Shawbrook Bank has introduced a number of changes to its short-term lending range.
Changes include an increase in LTV of up to 75% for all residential products, 70% for semi-commercial & mixed use (standard & light refurbishment), and up to 65% for commercial.
The bank has also introduced a lower LTV bracket with lower pricing at 0.59%.
In addition, Shawbrook has separated out the commercial element from its traditional STL8 product to create a new short term product catering exclusively for this type of business in the form of STL9.
Karen Bennett, sales and marketing director for Shawbrook Commercial, said: “A natural part of operating within an ever changing marketplace is the requirement to adapt and change according to the needs of our brokers and their clients. Increasing our LTV bandings and looking closely at the pricing demonstrates our on-going appetite to lend in this space. Our client profile of the experienced property professional and investor remains unchanged and consequently, we feel comfortable with our risk curve at the higher LTV and reduced rate.
“We look forward the impact of these improvements and to continuing the Shawbrook approach of scrutinising our proposition to ensure it delivers in the best interests of the borrower.”