The 70% loan to value second charge was complex to secure because the borrower is self-employed and draws some income from his business as well as having further earnings from an off-shore employee benefit trust loan.
This is an unusual situation and after proactive presentation of the case by The Loan Engine, Shawbrook accepted that the EBT loan is an HMRC recognised self-employed accounting practice subject to UK income tax deductions.
After reviewing the merits of the case Shawbrook approved the Yorkshire-based customer's loan for £75,000 to make large scale home improvements.
Shawbrook said the case went through as a result of "intelligent packaging of the clients’ cases from The Loan Engine" coupled with Shawbrook’s "pragmatic approach to reviewing cases based on the individual merits of the customer".
Also last month another Loan Engine client from Shropshire was looking for a better way to manage his finances and Shawbrook approved a loan of £21,000, enabling the client to repay an existing motor finance loan, which in turn would help him reduce his monthly outgoings into a more manageable payment.
Steve Case, sales director at The Loan Engine, said: “While this challenging environment continues, brokers like The Loan Engine are going the extra mile to research and package thorough and well-presented cases to Shawbrook Bank. Providing full information from the start increases the likelihood of loan approval. We have the most success working with lenders like Shawbrook Bank, who have expertise in complex cases and we believe this attitude should make us the number one choice of secured loan broker for introducers.”
Maeve Ward, head of sales at Shawbrook Bank, added: ”Our pragmatic approach to lending and experience in working on more complex cases means that Shawbrook Bank has the expertise and knowledge that our broker partners and customers require. We work closely with The Loan Engine to ensure we are aware of each other’s expectations which increases the level and speed of service received by our customers”.
