The STL6 product has been designed to cater for clients wishing to purchase a property then add value to their investment by undertaking heavy refurbishment works.
These works might include loft conversions, internal reconfigurations or changes of use, and are defined as those works requiring more than 15% of the current property value to carry out.
STL6 has 0.89% per month pricing up to 70% LTV (based on MV not GDV), terms up to 18 months and offers fully serviced, part serviced-part retained or fully retained repayment options.
Karen Bennett, sales and marketing director, Commercial Mortgages, Shawbrook Bank, said: “We know from our brokers that they see a real demand for this kind of finance, so we’re really excited to be able to respond to that feedback and support them with the addition of STL6 to our range.
“Last Autumn we created our dedicated STL desk and are pleased to have completed over 100 deals since then. But this isn’t enough for us.
“We see this move as further evidence of our commitment to the STL market, and this is just one of the many initiatives we have up our sleeves.
“We want to set the standard in the short term finance arena, as we have in the commercial mortgages market.”
The STL6 product also offers clients the chance to switch to a term loan with Shawbrook, which will be eligible for the existing client discount, should they wish to keep the property.
This year Shawbrook said it plans to focus considerably on the short term loan market and will bring out a range of new products.
As well as expanding Shawbrook’s STL range, the introduction of STL6 has been accompanied by the clarification and refinement of the bank’s existing short term products STL4 (Residential Light Refurb) and STL5 (Mixed Use Light Refurb).