Charles Mackintosh from Springmount Solutions said: “The property my client acquired had land attached for which planning permission had already been granted to develop a mews to the rear of the property.
"The attraction of Shawbrook’s product was that it gave my client the options of either selling the residential property and keeping the land for future development, selling the property with the planning permission and detailed plans or developing the new property themselves.
“Both my client and I were impressed with the product and Shawbrook’s flexibility in meeting the client’s needs.
"Shawbrook turned the case around extremely quickly and due to this initial experience my client has opted for the short-term loan again to acquire a second property.”
Hampshire-based Commercial Mortgage Solutions also brokered a deal on the short-term loan product for a client who was co-ordinating a small residential development scheme in Poole.
Ian Monks, consultant at Commercial Mortgage Solutions, said: “Shawbrook completely understood my client’s needs and worked hard to deliver the loan on time and at the quoted price, which isn’t always common in the lending industry.
"It’s a competitive market, but Shawbrook stands out due to their product offering and service.”
Stephen Johnson, new business director of Shawbrook Bank, said: "Our short-term loans are the latest addition to a suite of commercial lending products and are targeted at the experienced professional property investor who is looking to take advantage of current buying opportunities available on the market."
The lender's short-term loans are priced at 7.45% above three month LIBOR, giving a current monthly interest rate of 0.7%.
There is no early repayment change, and Shawbrook requires 7 working days’ notice of redemption, subject to a minimum 3 month period.
Loans range from £150,000 to £2.5m funding up to 65% of the purchase price and are distributed through Shawbrook’s accredited brokers.
"As a savings and lending specialist, we’re committed to making it simpler for businesses to borrow and easier for brokers to make deals happen," added Johnson. "We believe the introduction of the short-term loan is a strong complement to our existing suite of lending products, and we’re delighted to have completed our first two loans of this kind.”
