Shawbrook Bank has made a number of permanent changes to its commercial lending product range.
The standard commission paid on the STL products has increased to 1.5% on all loans up to £2.5m, while Shawbrook’s network of Strategic Partners will also now receive 1.95% of commission on loans up to £2.5m
Shawbrook will now accept refinances on all its short term and medium term loan products.
As with Shawbrook’s current lending criteria, the lender says it is essential that property investor clients are experienced with a successful track record of similar projects. It also requires the clients to have material independent net worth and income, and to personally guarantee the loan.
Karen Bennett, head of sales and marketing, commercial mortgages, Shawbrook Bank, said: “We made the commission change in recognition of the huge amounts of work that brokers have to undertake, under very tight timeframes, to complete a deal.
“We value the strong relationships we share with our broker partners and their market knowledge and feedback allows us to continually enhance our products and processes to meet both their, and market requirements.
“These are permanent improvements to our offer, not just flash-in-the-pan gimmicks, and further establish our commitment to the short term finance market and our brokers.”
