Qdos originally held a portfolio with a high street bank who wished them to exit, giving them a deadline with an offer of debt forgiveness of over £1m pounds if the target date was met.
The bulk of the loan was required to refinance a residential investment property with an estimated value of £3.5m, in addition to a part repayment of an existing first charge to a high street lender. The finance was split over two entities with an average loan-to-value of just over 65%.
Shawbrook reached an agreement with the broker to provide all documentation on day one, while the bank also liaised with Shawbrook's in-house legal team Pure Law during pre–offer along with the applicant’s solicitors.
The broker, Steven Hogg from Watts Commercial Finance, said: “From start to finish we managed to complete a deal within five weeks, a fantastic turnaround.
“Whilst we had a delay with the valuer who unfortunately didn't meet the required SLA, the Shawbrook team ensured that everything was done behind the scenes to ensure this progressed in the timeliest manner possible, with very quick responses and clarification when a tight deadline was required to be met.
“Qdos is impressed with both Watts and Shawbrook, with a positive outcome for the client assured.”
