Shawbrook Bank has completed a £1.5 million short term loan within five working days for a Surrey-based luxury residential property developer.
The client, a specialist in building bespoke high end properties in prestigious locations, required finance for a Surrey redevelopment project. It had previously completed eight similar projects all within the same exclusive estate.
Shawbrook was approached to step in after the client had exchanged on a site but the ultimate customer withdrew before completion. It provided 65% of the purchase price to enable the client to complete the purchase, enabling them the time needed to find an alternative customer for the end property or to refinance and develop out the site themselves.
Shawbrook funded the project on a 12 month term at a monthly rate of 0.71% with no exit fee. The whole transaction was turned around within five working days.
The intermediary, Nick Mansell of Capital Funding Consultants, said: “I would like to thank Shawbrook and the team for a really impressive job! The service was excellent and most important of all – everyone had such a positive attitude towards the case and ironing out any issues. The deal completed in five working days