Shawbrook Bank’s commercial mortgages team has completed a refinance and capital raise deal 17 days after issuing the electronic agreement in principle.
The deal used Shawbrook’s RI0.2 product for simple residential investment at 76% LTV (net loan amount and fees) for £151,500 and was completed by the bank’s broker partner Alderbrook Financial.
Emma Cox, sales director for Shawbrook Commercial Mortgages, said: “Ensuring a straightforward, positive case journey for our brokers’ clients is important to us here at Shawbrook.
“With just 17 days between issuing an instant IMO and completing on the loan, the lending team on this case lived up to our high standards.
“Our thanks also go to the broker, Alderbrook Financial Solutions for their expertise in achieving a quick completion for their client.”
The Shawbrook lending teams worked closely with the broker to gather all outstanding information in advance of the Formal Mortgage Offer (FMO) stage, prior to receiving the valuation report.
This allowed the lending manager on the case to review all details of the loan application in good time, ensuring any potential stumbling blocks which could threaten a smooth completion were raised at an early stage.
Upon receipt of the valuation report and with no serious issues to address, the lending manager on the case sanctioned an FMO the next day. Alderbrook Financial Solutions’ client also paid the commitment fee immediately and, with the loan being approved by solicitors in just 24 hours, it completed shortly thereafter.
The broker, Kinak Thakore of Alderbrook Financial Solutions, said: “My client was eager to raise capital on their existing property in Coventry.
“I work with a range of lenders to ensure my clients receive the best possible deal for their individual needs – in this case, that lender was Shawbrook Bank.”