These changes reduce rates to 0.65% per month on standard bridging and just 0.73% on refurbishment bridging. There is also now no minimum term on any short term loan from Shawbrook.
The product changes are part of Shawbrook’s focus on enhancing its offering for property investors and brokers working within the short term market. These changes are available to all broker partners, with no additional fees for the client and no commission compromises for brokers. These rates are for sensible debt levels and not just headline grabbers.
Key changes to the STL offering:
- Shawbrook has removed the minimum term
- 0.65% per month up to 60% LTV - 7.0% above 3month LIBOR, which was previously 7.5% - standard bridging
- 0.69% per month up to 70% LTV- 7.5% above 3month LIBOR, which was previously 8.5% - standard bridging
- Short term refurbishment bridges reduced to 0.73% per month on residential property up to 70% LTV - 8.00% above 3month LIBOR, which was previously 9.15%
- These changes apply to pipeline business too, up to Formal Offer stage
Karen Bennett, Head of Sales and Marketing, Commercial Mortgages, Shawbrook Bank, said:
“We are striving to make Shawbrook the lender to follow in 2013. These changes demonstrate just how serious we are about becoming a major player in the STL market for property professionals.
“Brokers are at the heart of Shawbrook’s business and we appreciate the hard work they do to complete deals. The change to the minimum term was in direct response to feedback from brokers active in the bridging market. We also understand the need for transparency in bridging on pricing, fees and commissions and are committed to always delivering this.
We are fully aware that it’s a huge step when switching bridging providers as it’s all about the ability to deliver. Shawbrook has proven that we can deliver in terms of speed, service and the best rates in the market.”
