Offshore companies that operate in a mainstream jurisdiction for example the Cayman Islands, Channel Islands, Isle of Man or Gibraltar will all be eligible as long as their directors or beneficiaries are UK residents over the age of 21.
Karen Bennett, head of sales and marketing of commercial mortgages at Shawbrook Bank, said: “We are pleased to be making another change based on the feedback of our brokers they are at the heart of what we do and we really listen when feedback is provided.
“Offshore companies and trusts have felt the impact of reduced high street lending options along with those in the UK and we are pleased that our new approach will help boost lending in these areas.”
Potential deals will continue to be worked on by brokers at the heart of Shawbrook’s business.
The Application in Principle will use the following criteria;
The provision of a structure chart clearly identifying ownership and trustees
Any trust documentation outlining the power of the trust
The company or trust must have UK assets and a UK credit history which can be referenced
The company or trust must have the capacity to use property as security for the loan
A full legal opinion letter from an international lawyer must be provided as evidence for all the information noted above.
Bennett added: “It will also give brokers more scope to complete new business and following a raft of recent changes to our commercial lending product range in 2013 we are confident that this new announcement will be met with positivity in the market.”
