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Shawbrook helps experienced investor with £3.35m refinance on 9 HMOs

A showcase of the bank’s relationship with it’s newest Strategic Partner.

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Shawbrook and the newest addition to their Strategic Partner panel, Sirius Property Finance, helped an experienced investor re-mortgage nine HMO properties worth £3.35m. The properties were purchased using bridging finance in June 2018 however, as the term was coming to an end the client wished to re-mortgage quickly to avoid any fees.

Using Shawbrook’s LRI2 product on a 10-year, interest only term, the team worked seamlessly with Sirius to ensure the deal was completed in time. The AIP was submitted on the 6th November and the case was completed before Christmas ensuring that the bridging finance was repaid within the term and allowing the client to avoid over-run penalties.

Robert Collins, co-founder of Sirius Property Finance, comments:

“Along the way we had to liaise with the valuer to have the original reports readdressed and to clarify the net rental position as they had originally used a 20% discount that affected affordability. However, due to the partnership between me, the client and the team at Shawbrook we were able to provide a solution within the short time frame. It was a fantastic team effort and I’m delighted that our partnership with Shawbrook had a positive outcome for the client.”    

Peter Turner, Senior Development Manager for Shawbrook Commercial Mortgages adds:

"The turnaround on this case was tight but the teams from both Sirius and Shawbrook worked together to re-mortgage the nine HMOs of the customer, avoiding the bridging finance penalties. I’m delighted we were able to help with this case and look forward to continue working with our newest Strategic Partner.”

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