Shawbrook completes £4m bridging deal
Shawbrook Bank has completed a bridging deal worth over £4m at 66% loan-to-value.
The developer was an existing customer of Shawbrook Bank with a large property portfolio who needed to repay a development loan of £3m with a high street bank.
The case was a complicated one, as the client’s company ownership structure had a trust arrangement in place while there were issues with planning permissions with some of the properties in the portfolio.
The loan was originally presented to Pure Funding Solutions by introducing partners, RJW Associates which acted as the customer-facing intermediary.
Emma Cox, sales director at Shawbrook Commercial Mortgages, said: “There were many moving parts to this loan, especially around the planning permission decision which delayed completion.
“I would like to thank Pure Funding Solutions who were patient and professional throughout, especially when it came to explaining our criteria and conditions to the client.
“It is always a pleasure to see the Shawbrook teams combine so well with our intermediaries, and the end result is a lending outcome that strengthens our existing bond with this professional investor.”