Welcome to Shawbrook Bank’s first blog on Financial Reporter, where over the coming weeks and months we will be sharing with you our news and views on the wonderful world of commercial lending.
We like ‘firsts’ at Shawbrook. We recently marked our first anniversary as Shawbrook Bank following a very exciting year one. We’ve welcomed some great new brokers to Shawbrook, supporting them as they work on their first deals with us. We’ve had lots of ‘first days’ as we’ve expanded our internal and external teams with talented new staff. We’ve expanded our product range, including entering the short term finance market for the first time.
We like firsts because we like innovation. We’re always looking for new ways of doing things, or developing new products to meet market needs. We will never be a bank that rests on its laurels and we don’t assume that, because a product or process is right for our brokers and clients now, that it will still be right in a few months’ time.
Take our range of products for property investors, for example. We listened to our brokers and the market, and we now offer short and medium term refurbishment products specifically designed for residential and mixed use properties.
Shawbrook’s short term finance for light refurbishment has a genuine market leading rate of 0.84%. Terms range from 3 to 12 months and we will lend up to 70% LTV. The loan size ranges from £75k to £2.5m and we offer various interest servicing options, in keeping with all our products. On our first medium term loan for refurbishment, loans are available from £75k to £2.5m with a margin of 5.45% above 3 month LIBOR and 3 or 5 year term options on either interest only or part capital repayment.
We’re really proud of our new products at Shawbrook, but there’s one more first in this blog, and this time it’s not about Shawbrook. It’s about our brokers and intermediaries, who lie at the heart of our commercial lending business. We truly value the relationship we have with our brokers. Their input and guidance helps us to ensure our products and process are fit for purpose. Our brokers will continue to come first as we grow and develop, and we hope that as a result Shawbrook will be their first port of call when a commercial deal comes their way.
