Shawbrook revamps range
The product revamp provides a much broader range of funding solutions and also includes improvements to either pricing or criteria.
Stephen Johnson, managing director, commercial mortgage of Shawbrook Bank, said: “Just over a year on since our launch into the market, we are delighted to be able to deliver such a significant range of products for our broker partners.
“We have worked hard to provide real clarity on pricing and credit policy, understanding how important this is for the broker market and how most commercial banks refuse to adapt to the needs of intermediaries.
“We now provide a very broad range of products catering for professional investors looking for short or longer term funding against a range of residential or commercial property assets, as well as trading businesses in the leisure, retail, office and light industrial sectors.
“Combined with our new strategic partner initiative, rewarding those partners with the highest quality of applications, we hope Shawbrook is helping to bring back some positivity to the intermediary market.”
Key highlights include
• 70% funding for short term loans at just 0.77% per month
• A new medium term loan for investors looking to buy, refurbish and release equity from the after works value of the property
• A reduction in the rental cover required on 3 or 5 year residential investment products
• Reduced rates on semi-commercial investment products
• Maximum loan increased to £10m for certain investment products
• Market leading transparency on product pricing, criteria and credit appetite for a commercial bank