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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...