Broker Partner, Westrock Capital, approached us with a client hoping to secure funding for both a vacant office building in Watford, once owned by a collapsed retailer and a PRS apartment scheme in Kent. The respective loan amounts required totalled £13 million and £9 million. The two deals came to us in late April, at a time when many lenders were struggling with the many implications of COVID-19.
Both our Commercial team, Short Term team and broker worked tirelessly despite the challenges faced during lockdown to ensure the client received the funding they required. From first contact, the case was completed and funds were released within 2 months.
The client was delighted to secure both properties during the current climate, which held a huge amount of investment potential. On the PRS apartment scheme in Kent, we provided the full £9 million required on an interest only, fixed for 5 years. Similarly with the vacant office building in Watford, £13 million was released on an interest only basis, this time 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.”