The client, an experienced hotelier, wanted to refinance an existing hotel in his portfolio to raise additional security to fund the purchase of another hotel.
The case was not a straightforward one and the structure of the client’s business was complex. Shawbrook always assesses each case individually and on its own merits, and on this occasion, due to the large loan size and complexities, it was referred to the Shawbrook Board to take the final decision.
The outcome was positive with a 70% part capital repaid loan over a 20 year term being approved.
Commenting, Stephen Johnson, new business director of Shawbrook, said: “This case indicates how specialist brokers can really make a difference in helping SMEs achieve their business objectives. Understanding the complexities of commercial transactions is absolutely vital and Brightstar’s experience and expertise was key in progressing the application quickly and efficiently.”
From the outset, Brightstar ensured the case was professionally packaged, enclosing all key information and documents which meant the process took place quickly and smoothly, with indicative terms issued the same day. It took just 19 days for the application to progress to completion.
Kit Thompson, director of Brightstar Financial, added: “Our excellent working relationship with Shawbrook and our specialised team of advisers allowed us to quickly complete our client’s deal.
“It’s a perfect example of how Shawbrook plays a vital role in lending to SMEs in this very difficult economic climate. We look forward to continuing to work with Shawbrook in serving our introducers and business clients.”
