Shawbrook’s commercial mortgages division is launching a dedicated range of larger loans products.
The new range is intended to support brokers whose clients may be looking to release capital from, refurbish or purchase high value single or multiple properties.
The loans will range from £750,000 to £10,000,000, although loans in excess of this amount can also be considered. The range will be priced from 4.20% above three-month Libor on residential properties and from 5.10% above three-month Libor on loans containing a commercial element for all customers, whether new or existing.
The range will consist of:
- LRI1 – Single residential properties
- LRI2 – HMOs
- LRI3 – Residential portfolios
- LCI1 – Commercial properties (both single properties and portfolios)
- LCI2 – Semi-commercial properties (both single properties and portfolios)
- LCI3 – Mixed Portfolios (portfolios where a minimum 70% are residential based on value)
Karen Bennett, sales and marketing director of commercial mortgages at Shawbrook Bank, said: “With the improving economy, our brokers are increasingly dealing with clients who want to have the flexibility of obtaining finance in relation to high value or multiple properties.
“We have had some great success in this area, and wanted to ensure all our brokers know that we have a strong appetite for this type of business. As these types of loans often have more specialist requirements, we decided to create dedicated products.”