With the bridging loan due to expire and the customer leaving the country for Christmas, Shawbrook acted quickly to meet the tight completion deadline of 18 December.
Shawbrook Bank has supported a customer with an urgent £7.8m loan to refinance a development facility on a purpose-built student accommodation block of 94 rooms.
The bank was approached by Sirius Property Finance in September and issued an indicative mortgage offer to the customer, with Shawbrook instructed to progress the case in mid-November.
With the bridging loan due to expire and the customer leaving the country for Christmas, Shawbrook acted quickly to meet the tight completion deadline of 18 December.
Due to the size of the loan and complex nature of the property, a lengthier approval process was required.
Shawbrook obtained pre-valuation credit approval and began the legal process whilst waiting for the valuation in order to shorten the timescale.
The valuation was received on 10 December, and despite further challenges arising with the valuation and further approval steps required, Shawbrook worked closely with Sirius Property Finance and delivered on time for the customer.
Sirius was able to facilitate a £7.8m, 10-year interest only loan at 70% loan-to-value (LTV).
Nicholas Christofi, managing director of Sirius Property Finance, said: “This case shows just what is possible when everybody in the process pulls together in the same direction to identify and execute a solution.
"The complex nature of the transaction and challenging timeline were overcome thanks to the hard work and ingenuity of the team at Shawbrook and Charlotte Stanford, one of our Debt Advisors at Sirius, who led this case and was key in driving it across the line.”
Gavin Seaholme, head of sales at Shawbrook Property Finance, added: “Teamwork is the word here. This was a complex case with tight timescales, so it was vital that all parties involved pulled together to get the desired outcome for our customer.
“Working closely with such a professional and knowledgeable broker partner in Sirius Property Finance was key, and being in constant communication played a huge part in the success of this case.
"Everyone involved knew exactly what to do and how to respond to the challenges to get the job done, delivering a great outcome for the customer.”
