Shawbrook provides portfolio landlord with £11m refinance

Published on

Shawbrook has used its bespoke lending approach to support a portfolio landlord with an £11m refinance.

The landlord was looking to refinance £11m worth of properties, made up of 63 houses and flats in the North West, releasing capital in order to facilitate further purchases to expand the portfolio.

The landlord had reassessed their needs following the recent base rate rises and limited lending appetite from their previous high street lender and approached Empire Finance for assistance.

Following a meeting with the landlord to establish their future needs, Shawbrook agreed to an £8.5m five-year fixed interest only mortgage geared across the properties with an LTV of 75%, and a £15m lending facility. This was arranged with a standard personal guarantee of 25% and no debenture requirement. The deal freed up equity and provides the resource for the landlord to buy further properties down the line and protects from future rate rises over the next five years.

Matthew Taylor, national relationship manager at Shawbrook Bank, said: “We pride ourselves on our ability to look at each case that comes across our desk on an individual basis no matter the complexity. This case demonstrates this ability as well as the strength of the team’s relationship with Empire Finance and our appetite to lend. It’s important that brokers are able to build relationships with our team and feel able to speak directly to the decision makers on their case. Being able to do so gave both the broker and the landlord confidence in our ability to get this deal across the table.

“There are significant opportunities within the market for ambitious property investors and at Shawbrook we have invested significantly in our technology to ensure that we can be agile whilst still offering that bespoke service that we know brokers and their clients need.”

Gareth Broome from Empire Finance added: “Our client’s needs were complex, and it was important that we found the appropriate lending partner that would be able to accommodate and flex its offering. Shawbrook delivered on their promise and together we were delighted to complete this facility which has provided our client with sufficient capital to purchase £10m of additional properties.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...