The client required finance to purchase a property with a view to redevelop it.
The client’s business model operates such that they acquire sites, develop detailed luxury home plans and pre-sell before commencing development.
Shawbrook was approached to step in after the client had exchanged on a site but the ultimate customer withdrew before completion.
Shawbrook provided 65% of the purchase price to enable the client to complete the purchase, enabling them the time needed to find an alternative customer for the end property or to refinance and develop out the site themselves.
Shawbrook has funded the project on a 12 month term at a monthly rate of 0.71%.
The intermediary, Nick Mansell of Capital Funding Consultatnts, said: “I would like to thank Shawbrook and the team for a really impressive job.
“The deal completed in five working days, resulting in a very happy client. They have laid down a significant marker for both product competitiveness and matched it with the service provided”.
Stephen Johnson, new business director of Shawbrook Bank, said: “We’re delighted to have been able to help the client with a short-term loan particularly when they were facing a difficult situation with the completion of a deal.
“Shawbrook aims to make it simpler for businesses to borrow and easier for brokers to carry out deals. We are committed to making our short term loans an important part of overall offering to property investors.”
