Shawbrook has helped a client with a £527,000 capital raise on their most recent purchase in their portfolio.
The investors wanted to refinance the freehold on the block of six recently converted flats in Gillingham, Kent which generates £45,000 of rental income per annum.
Shawbrook financed the £527,000 capital raise on a 10-year interest-only term at 75% LTV.
The client required these funds to help the expansion of their portfolio through the development and refurbishment of more properties.
Richard Winston, business development manager at Shawbrook, said: “With specialist brokers like Prospero working alongside our experienced underwriting team, we ensured that we could support the client on their property journey. I’m delighted we were able to help with this refinance so that they could continue with their development and portfolio plans.”
Shawbrook worked with broker partner Prospero Finance who specialise in residential investment.
Martin Smedley, director at Prospero Finance, added: “Our client has significant plans for their portfolio and I’m really pleased we were able to help them along their property journey.
“Shawbrook dealt with the case smoothly, even when there were a couple of small issues to navigate along the way, but their flexibility was a factor in getting this deal across the line.
“I would like to thank the team at Shawbrook for their help with this case.”