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Wednesday, October 23, 2019

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Shawbrook completes second charge mortgage in nine days to cover funding shortfall

Theo Osborn | 13:24 Thursday 26th September 2019

Shawbrook has completed a £20,000 second charge mortgage in nine working days to cover a borrower’s shortfall of funds.

Brightstar approached Shawbrook with a case involving a client who was in the process of building a single-storey extension to their residential property and needed fast funding.

Shawbrook was able to underwrite the case within hours and approved it within 48 hours of submission.

The client then requested additional time to consider if they needed more money, but decided to proceed with the original amount and the specialist bank provided a loan at 65% LTV to allow the borrower to complete the works.

Darren Perry, head of second charge mortgages at Brightstar, said: “The application process went very well, with Shawbrook providing an offer for my clients in just nine days from the date I had first made my recommendation.”

Gavin Seaholme, head of sales at Shawbrook (pictured above), added: “Although speed was of the essence, both Brightstar and our sales and underwriting team proved their talents and got the client the required funds well within the required timeframe.”

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