Shawbrook Bank has completed a £7.8m but-to-let loan.
The loan was used to refinance a development facility on a purpose-built student accommodation block of 94 rooms.
Sirius Property Finance approached the bank in September and issued an indicative mortgage offer to the customer.
Coventry cuts BTL rates
Sirius Property Finance was able to facilitate a £7.8m, 10-year interest only loan at 70% LTV.
The loan was required quickly as the customer was leaving the country for Christmas.
Shawbrook obtained pre-valuation credit approval and began the legal process whilst waiting for the valuation in order to shorten the timescale.
Nicholas Christofi, managing director of Sirius Property Finance, said: “This case shows just what is possible when everybody in the process pulls together in the same direction to identify and execute a solution.
“The complex nature of the transaction and challenging timeline were overcome thanks to the hard work and ingenuity of the team at Shawbrook and Charlotte Stanford, one of our Debt Advisors at Sirius, who led this case and was key in driving it across the line.”
Gavin Seaholme, head of sales at Shawbrook Property Finance, added: “Teamwork is the word here.
“This was a complex case with tight timescales, so it was vital that all parties involved pulled together to get the desired outcome for our customer.
“Working closely with such a professional and knowledgeable broker partner in Sirius Property Finance was key, and being in constant communication played a huge part in the success of this case.
“Everyone involved knew exactly what to do and how to respond to the challenges to get the job done, delivering a great outcome for the customer.”