Shawbrook Bank’s commercial mortgages team has completed a £2.7m short-term loan refinance.

The deal was for a client of Shawbrook’s strategic broker partner Charleston Financial.

Funds were released in under a fortnight after initial enquiry stage in order to hit a tight completion deadline.

A lending manager from Shawbrook’s short-term loan team was also able to provide Charleston Financial’s client with an Application in Principle less than three hours after the initial enquiry.

As the broker’s client already holds more than one loan with Shawbrook, they received a 0.25 percentage point reduction on the arrangement fee. Repeat customers can choose whether their 0.25 percentage point reduction applies either to the arrangement fee or the loan margin.

With the broker’s client needing to complete the refinance in 13 business days, Shawbrook’s legal partners began work while awaiting the valuation report. This arrived several days later and the lending manager on the case worked closely with Shawbrook’s valuer panel at Appraisers UK to find answers for all outstanding queries.

Two days before the completion deadline, some urgent issues around the security complying with building regulations were raised by the solicitors. Upon further investigation it was discovered that a condition remained outstanding on the planning permission, however, this was in relation to the now obsolete Code for Sustainable Homes. Charleston Financial worked closely with Shawbrook in order to contact the building architect at the eleventh hour, obtaining written confirmation that the security was constructed in accordance with building regulations and would comfortably comply with the Code for Sustainable Homes to Level 4 standard were it not obsolete.

Karen Bennett, managing director of Shawbrook Commercial Mortgages, said: “Once again our short-term loan team has pulled out the stops to achieve the ambitious completion target set by our customer.

“Despite the last minute difficulties around building regulations, it was encouraging to see both Shawbrook and Charleston Financial applying good sense and a hands-on approach to achieve this positive customer outcome.”

James Hardwick, managing director at Charleston Financial, added: “I speak on behalf of our client when I say that we are very pleased with the intelligent lending decisions made by Shawbrook on this loan.

“It was always going to be a challenge to complete in time and Shawbrook didn’t disappoint. Their short-term loan team didn’t allow the building regulations issue to faze them either. We worked in tandem to get to the bottom of the problem, found a pragmatic solution and got the loan completed in time, much to the pleasure of our client.”