The standard commission paid on short-term products has increased to 1.5% on all loans up to £2.5m while Shawbrook’s network of strategic partners will also now receive 1.95% of commission on loans up to £2.5m.
Karen Bennett, head of sales and marketing of commercial mortgages at Shawbrook, said: “We made the commission change in recognition of the huge amounts of work that brokers have to undertake under very tight timeframes to complete a deal.”
Shawbrook will now accept refinances on all its short and medium-term loan products to broaden the scope of its lending and enable brokers to complete more deals.
Bennett added: “We value the strong relationships we share with our broker partners and their market knowledge and feedback allows us to continually enhance our products and processes to meet their needs and market requirements.”
“These are permanent improvements to our offer not just flash-in-the-pan gimmicks and further establish our commitment to the short-term finance market and our brokers,” added Bennett.
As with Shawbrook’s current lending criteria, it is essential that property investor clients are experienced with a successful track record of similar projects.
Shawbrook also requires the clients to have material independent net worth and income and to personally guarantee the loan.
