Shawbrook bank

Shawbrook delivers £9m commercial and £13m short-term funding to borrower

Shawbrook Bank has provided a £9m commercial loan and a £13m short-term loan to the same borrower seeking funding for two separate properties.

The bank was approached by Westrock Capital with a client hoping to secure funding for a vacant office building in Watford and a PRS apartment scheme in Kent.

Both deals came to the lender in late April, at a time of market uncertainty caused by Covid-19.

The commercial and short-term lending teams worked tirelessly to complete the case, with the funds released two months after first contact.

Securing both properties with a huge amount of investment potential delighted the borrower.

Shawbrook provided the full £9m for the PRS apartment scheme on interest only and fixed for five years.

The vacant office building saw £13m released on an interest-only basis, via a 12-month short-term loan.

Westley Richards, director at Westrock Capital, said: “I was very impressed with the bank’s ability and resolve to get these transactions completed in such difficult market conditions. 

“Each loan had its challenges, but our team worked hard to ensure each transaction completed despite the complications posed by the Covid-19 lockdown. 

“It was a pleasure working with Shawbrook and I look forward to working together again in the future.”

Emma Cox, sales director at Shawbrook Bank (pictured above), commented: “We are delighted that we have successfully enabled the client to secure two great investment opportunities. 

“The current circumstances created hurdles that [we] both had to navigate, but the two teams worked brilliantly together to ensure the client received the funding required within the deadline.”

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