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.

Foxtons BidX1

Foxtons and BidX1 form strategic partnership

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.”