Milliard Homes, a property development company, has secured a £263,000 bridging loan from Shawbrook in only four days, facilitated through broker partner The Commercial Mortgage Practice.
The bridging loan, set at a rate of 0.79% with a 75% loan-to-value (LTV), was sought for a four-bedroom, mid-terraced house in multiple occupation (HMO), with plans to expand to six bedrooms.
Milliard Homes submitted the case via The Commercial Mortgage Practice after it fell through with another lender, due to restrictions on their ability to lend against market value, as opposed to the 180-day value.
Shawbrook was comfortable lending against the higher market value, which enabled the customer to access more leverage.
Shawbrook’s bridging team submitted the application and issued a formal mortgage offer within a day.
Esther Herbert, director at The Commercial Mortgage Practice, said: “The Commercial Mortgage Practice specializes in connecting clients with the right financial solutions.
“Partnering with Shawbrook to secure funding for their high-quality projects has been a testament to our commitment to delivering tailored solutions for our clients.
“The success of this collaboration reinforces our confidence in both the calibre of Milliard Homes’ developments, and the reliability of Shawbrook as a lending partner.
“Working with Shawbrook on this deal has been incredibly rewarding. Kwok Chan, the underwriter, demonstrated exceptional attention to detail throughout the process, ensuring a smooth and efficient transaction.
“His dedication and expertise truly made a difference in securing the best outcome for our client, Milliard Homes.”
Kwok Chan, senior bridging underwriter at Shawbrook, added: “This is a fantastic example of all parties pulling together to enable the borrower to capitalise on a valuable investment opportunity and expand their portfolio.
“It was a smooth and swift transaction and our personalised service ensured that everything was handled efficiently and effectively.
“The experience and expertise of the broker really shone through, resulting in a great team effort and a very happy customer.”
