Shawbrook

Shawbrook funds £11.5m PD bridging loan for property on train station




Shawbrook’s commercial mortgages team has provided a £11.5m bridging loan for the purchase of a commercial premises on Milton Keynes train station.

The specialist bank worked with broker West Rock Capital to deliver the funding in six weeks.

The client will aim to sell the property within 18 to 24 months, with the potential to redevelop it into residential units.

Shawbrook claimed the key risk was that the premises was located on a train station, however the valuer saw no problem with the purchase or possible planning issues.

The bank used its STL3 product to deliver a 24-month bridging loan at 70% LTV, allowing time for any refurbishment or planning delays.

Westley Richards, director at West Rock Capital, said: “I am delighted to have successfully enabled our client to secure this exciting opportunity.

“Our extensive experience in property finance and long-term relationship with Shawbrook ensured our client was able to complete this complicated acquisition on time.”

Shrena Patel, business development manager at Shawbrook, added: “There were some hurdles and moving parts that we had to overcome on our way to completing in the deal. 

“However, both West Rock Capital and our sales and underwriting teams worked brilliantly together to ensure that we provided a solution for the client so that their purchase could go ahead as scheduled.”

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