Shawbrook Bank has provided a bridge for a customer in need of a short-term loan to complete an urgent auction purchase.
The bank provided a £155,000, 12-month interest-only bridging loan on a 75% LTV.
Shawbrook was approached by one of its strategic partners, NM Finance, two weeks before the auction purchase was due to complete.
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The customer plans to complete works on the property before refinancing onto a buy-to-let (BTL) mortgage.
Gavin Seaholme, head of sales property at Shawbrook Bank, said: “Working closely with our partners to overcome challenges quickly and efficiently is essential in any case, but it is especially important with tight timescales such as these.
“This is a great example of working as a team to deliver the best outcome for the customer.”
Max Mace at NM Finance added: “This was a complex case with an aggressive timeline, due to auction purchase deadlines.
“As a strategic partner, we work with Shawbrook regularly, and from day one I knew this would be a good fit.
“It was a pleasure to work with Shawbrook, both our regional development manager and the underwriter made sure these deadlines were met.”