Shawbrook backs commercial-to-residential project with £2.3m loan

Shawbrook Bank has provided a £2.3million buy-to-let loan for a complex residential commercial conversion project.

The lender was approached by strategic partner Vincent Burch Mortgage Services on behalf of a client wishing to convert an office block in a highly industrialized area of ​​London into 14 residential apartments.

The price was £3m and the asking loan-to-value ratio was 75%.

The client had a large real estate portfolio, but had not yet made an investment of this size and therefore needed a specialist lender.

Shawbrook considered the deal a good investment opportunity, being close to a London Underground station and easily commutable within the City of London. Nearby another block had recently been converted from commercial to residential, indicating planning permission should not be a challenge.

The client quickly provided all the information required to meet Shawbrook’s criteria, and the lender responded with a pre-assessment offer within 24 hours.

Gary Boorman, Large Loans Manager at Vincent Burch Mortgage Services, said, “Working with Shawbrook has been an absolute pleasure and has demonstrated a positive attitude throughout. I certainly hope to repeat this experience on other offers.

Emma Cox, Sales Manager at Shawbrook Bank (illustrated), said: “We pride ourselves on having the specialist expertise to handle the most complex cases – and this one in particular is a prime example.”

“Our team has significant experience lending on commercial to residential developments, so we had the knowledge to take on this case, working with an experienced strategic partner who knew exactly what to do to support their client,” added Cox.

Priscilla C. Carnegie