Shawbrook grants £ 7million loan in two days
Shawbrook Bank closed a £ 7million commercial investment loan within two working days.
The bank’s property finance division has been approached by a strategic partner, Pure Funding Solutions, to provide a £ 7million business investment facility. Comprised of a £ 5million refinance and a £ 2million capital raise, Shawbrook Bank worked with Pure Funding Solutions to help existing Shawbrook clients finance their next commercial real estate investment.
The client approached Pure Funding Solutions seeking refinancing of their large commercial property, consisting of 83 stand-alone units, all fully leased on short-term leases. The client was also looking to finance the purchase of another large business asset with plans to convert it to a multi-tenant site – repeating its proven operating model.
Shawbrook offered the client a 10-year £ 7million commercial investment loan at 75% LTV. Shawbrook’s offer was made on the morning of Friday, February 12, and the file was completed on the afternoon of Monday, February 15.
Gavin Seaholme (photo), sales manager for Shawbrook’s real estate finance division, said: “A complex case like this requires an experienced team of specialists. By working transparently with our expert strategic partner, we were able to gain a deep understanding of the client’s needs and end goals, which was crucial for the success of this business.
“This existing Shawbrook customer has a proven operating model that has been successful throughout the pandemic, so we are happy to support them on their continued investment journey.
“While much of the commercial real estate industry faces challenges, this is a clear example of how there are still opportunities in the market. “
Danny Churchill, Owner of Pure Funding Solutions, added, “This remarkable achievement, especially in today’s climate, is an exceptional effort by everyone involved along the journey of this application. From initial discussion to presentation at the Complex Deal Forum, to final credit approval, resulting in successful completion.
“It shows that when all parties are ready to work together and trust each other, great things can happen.”