Shawbrook has enhanced its Bridging proposition with a range of product and underwriting improvements designed to provide brokers and their clients with greater flexibility and a simpler application journey.
The changes include up to 90% day-one LTV on Lending for Refurbishment Costs (LFC), reduced pricing across selected Bridging products and a range of underwriting enhancements designed to simplify the application process for brokers and their clients.
The threshold on smaller loan products has been reduced from £150,000 to £100,000, delivering rate reductions of up to 0.20% per month for loans between £100,000 and £150,000.
Loans above £150,000 will also benefit from reduced pricing, with rates now starting from 0.69% per month.
Alongside the pricing and LTV enhancements, Shawbrook has simplified a number of underwriting requirements. CLS title insurance is now available on LFC facilities, Commercial Bridging no longer requires previous experience subject to a satisfactory exit strategy, and Heavy Refurbishment experience criteria has been relaxed to allow underwriters to support customers moving into heavier projects.
The bank has also removed several underwriting requirements, reducing the number of documents required from brokers. This builds on the recently launched automated AVM Bridging proposition, with up to 75% LTV now available on individual houses and flats, subject to criteria.
Daryl Norkett, Director of Real Estate Proposition at Shawbrook, said:
"We know brokers value speed, flexibility and certainty when placing Bridging cases. These enhancements are designed to make it easier to access funding across a wider range of scenarios, while supporting brokers with a more streamlined application process.
We are particularly pleased to be extending the maximum LTV on our Lending for Refurbishment Costs product to 90% LTV. Having been pioneers in bringing this light refurbishment funding solution to market back in 2018, we’ve seen first-hand the success of this property strategy for so many investors. We know any light refurbishment project requires significant upfront cash to undertake and we can now provide greater support towards funding overall project costs."
