Shawbrook Bank completes £7m commercial investment loan
Shawbrook Bank’s Property Finance division was approached by long-term strategic partner Pure Funding Solutions, to deliver a £7m commercial investment facility.
Comprising of a £5m refinance and £2m capital raise, Shawbrook Bank worked closely with Pure Funding Solutions to support the existing Shawbrook customer finance their next commercial property investment.
The customer approached Pure Funding Solutions seeking a refinance of their large commercial property, made up of 83 self-contained units, all fully let on short-term leases.
The customer was also looking to finance the purchase of another large commercial asset with plans to convert it into a multi-let site.
Shawbrook offered the customer a £7m commercial investment loan on a 10-year term at 75% LTV. Shawbrook’s offer was made on the morning of 12 February, with the case completed by the afternoon of 15 February.
Gavin Seaholme, head of sales at Shawbrook’s Property Finance, said: “A complex case like this, calls for an experienced team of specialists.
“Working seamlessly with our expert Strategic Partner, we were able to gain a deep understanding of the client’s needs and end goals, which was crucial to the success of this case.
“This existing Shawbrook customer has a proven operating model which has been successful throughout the pandemic, so we are happy to support them on their continued investment journey.
“While much of the commercial property sector faces challenges, this is a clear example of how there are still opportunities out there in the market.”
Danny Churchill, owner of Pure Funding Solutions, added: “This remarkable achievement, especially in the current climate, is an outstanding effort by all involved throughout the journey of this application.
“From initial discussion to presenting to the Complex Deal Forum, all the way through to final credit sign off, resulting in a successful completion.
“This shows that when all parties are prepared to work together and trust in each other’s ability, great things can happen.”