Shawbrook Bank has completed a refinance and capital raise in 17 days after issuing an AIP.

The bank’s commercial mortgages team completed on its RI0.2 product for simple residential investment, at 76% LTV for £151,500.

The loan was completed via Shawbrook broker partner Alderbrook Financial Solutions, which received an instant AIP for its client via the bank’s E-AIP online application system for residential and commercial applications. The valuation was booked in for two days later.

The Shawbrook lending teams worked closely with the broker to gather all outstanding information in advance of the Formal Mortgage Offer (FMO) stage, prior to receiving the valuation report. This allowed the lending manager on the case to review all details of the loan application in good time, ensuring any potential stumbling blocks which could threaten a smooth completion were raised at an early stage.

Upon receipt of the valuation report and with no serious issues to address, the case’s lending sanctioned an FMO the next day. Alderbrook Financial Solutions’ client also paid the commitment fee immediately and, with the loan being approved by solicitors in 24 hours, it completed shortly thereafter.

Kinak Thakore of Alderbrook Financial Solutions said: “My client was eager to raise capital on their existing property in Coventry. I work with a range of lenders to ensure my clients receive the best possible deal for their individual needs – in this case, that lender was Shawbrook Bank.

“I was impressed throughout by the intelligent lending decisions made by the Shawbrook teams. Their common sense approach, combined with the efficiency of the valuation and legal process resulted in the desired outcome for my client.”

Emma Cox, sales director for Shawbrook Commercial Mortgages, added: “Ensuring a straightforward, positive case journey for our brokers’ clients is important to us here at Shawbrook.

“With just 17 days between issuing an instant IMO and completing on the loan, the lending team on this case lived up to our high standards. Our thanks also go to the broker, Alderbrook Financial Solutions for their expertise in achieving a quick completion for their client.”