Shawbrook has supported a customer with an unregulated bridging loan to fund an auction purchase, working closely with Strategic Partner ‘The Moneyhub’.
When approached with the case, Shawbrook was confident they could support with the urgent auction timeframe and secure the Colchester-based property for the client.
Using the bank’s sophisticated new MyShawbrook Bridging application portal, Heads of Terms were issued, and solicitors and valuers instructed on the same day the application was submitted.
Working with our specialist relationship and underwriting teams, a fully packaged case was submitted by The Moneyhub so Shawbrook could issue a full mortgage offer just 3 working days later – an unregulated bridging loan, at 81% LTV as the case included light refurbishment works to the property.
The case completed within 12 days to meet the client’s auction deadline.
Gary Simmons, Business Development Manager and Bridging Specialist at The Moneyhub comments;
“Auction purchases can be tricky as the funding is usually required in a short space of time. MyShawbrook Bridging was a brilliantly slick application portal, ticking a multitude of items off in the first day! Followed by the Shawbrook team who worked tirelessly to ensure that the case completed in 12 days, it was a great experience all round. A massive thank you from me and my client.”
Gavin Seaholme, Head of Bridging and Second Charge Mortgages at Shawbrook Bank, adds;
“The perfect blend of insightful and intuitive technology and an expert relationship and underwriting teams, meant we were confident we could support this client with their next investment opportunity within such a tight timeframe.
We were unfazed by the deadline as MyShawbrook Bridging ensured a slick and smooth application process. The innovative functionality within MyShawbrook Bridging is outstanding and delivers a truly frictionless journey that sets us apart within the specialist market.”