Shawbrook Bank’s commercial mortgages division has made changes to its short-term loan (STL) product range.

It is splitting its heavy refurbishment product (STL6) into three separate products, in a move designed to give brokers a more clearly defined heavy refurbishment product offering.

The lender has also made some pricing changes.

The bank’s current STL suite constitutes six products covering residential, mixed-use, commercial, residential light refurb, mixed-use light refurb and heavy refurb options. After research and engagement with both its broker partners and internal teams, STL products for heavy refurb, (STL6) will now be allocated by property type, as follows:

• STL6 – for single residential propertiessees a reduction in monthly rate from 0.89% to 0.79%
• STL7 – for HMOs & multiple units sees a reduction in monthly rate from 0.89% to0.85%
• STL8 – for semi-commercial & commercial properties retains existing rate of 0.89%

Shawbrook has also increased its loan range, with loan sizes now available from £50,000 to £15m. The bank continues to offer a 0.25% discount on margin or arrangement fees for repeat clients and charges no exit fees.

Karen Bennett (pictured), sales and marketing director for commercial mortgages at Shawbrook Bank, said: “Shawbrook’s STL product range has been very well received by the market, and we’ve listened to our brokers, clients and teams to understand how we can refine it even further. By separating out the existing STL6 product, we are able to offer brokers more clarity on the product type and a favourable reduction in pricing.

“These changes reflect our appetite to lend on heavy refurbishment projects, as well as our ongoing dedication to improving our product line for our broker partners and their customers.”