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Short term finance and refurbishments
We understand how important it is to take advantage of opportunities as they arise and have built a dedicated, specialist team that only underwrite and process short-term business
We can consider applications from individuals, partnerships or limited companies, (both UK and offshore where asset and main shareholder are UK based), trusts and ex pats with a UK credit profile.
Our aim is to help clients access finance quickly and efficiently. Whether it's an opportunity to add value by undertaking refurbishment, the need to raise finance to purchase another property or to replace existing development finance pending sale, we have created a broad suite of innovative products that can help.
WE HAVE REFINED OUR REFURBISHMENT PRODUCTS TO PROVIDE CLARITY BETWEEN TWO OPTIONS
- Light refurbishment
Light refurbishment is defined by the works being non-structural in nature and costing less than 15% of the current property value. The client must have experience within property by either being experienced investors and owning at least two current investment properties, or having undertaken similar scale projects within the last two years.
- Heavy refurbishment
Heavy refurbishment is defined by the works being completed costing more than 15% of the property value. This is likely to be extensions, loft conversions, internal reconfigurations and change of use (single dwellings to flats when planning is in place). The client must be experienced in refurbishment and should be able to provide a detailed previous project schedule with supporting evidence if needed.
Unlike other lenders, we don’t restrict the number of properties held by an individual or held within a limited company, nor do we insist on you having a minimum income generated outside of your property portfolio – although we will check that your personal income covers your personal expenditure.
TYPICAL TERMS AND LOAN TO VALUE (SUBJECT TO CONDITIONS AND SUITABLE SECURITY)
Our highly competitive rates start from 0.55% per month, 0.69% per month for light refurbishment projects and 0.75% per month for heavy refurbishment projects.
For existing clients, we offer a discount on either the equivalent annual interest rate OR arrangement fee with monthly rates starting at 0.54% and arrangement fees as low as 1.70%.
We can consider loans from £50k to £15m.
We can lend up to 75% loan to value (LTV) and offer loan terms up to 18 months.
We do not have a minimum term or a minimum interest period, nor do we apply early repayment charges.
Our lenders arrangement fee is added to the loan even outside of maximum loan to value and on an interest bearing basis.
Please speak to your broker to find out more about Shawbrook and whether we could assist with your finance needs. If you do not currently have a broker please call our internal teams who will happily provide you with a list of options.
3 MONTH London Interbank Offered Rate (LIBOR)
From 1 January 2017
Once offered, the LIBOR will remain fixed at the offered rate for the term of the loan.
If your loan completed before January 2011, you may be on a different version of LIBOR. If you think this may affect your loan, please contact us on 0345 848 0223