Shawbrook Bank and Unicorn Commercial Finance have completed a £83,249 BTL mortgage in four working days.
The 75% LTV five-year fixed-rate facility, agreed at 6.89%, was used by the borrower to refinance a serviced accommodation unit managed by Blue Skies Property Investment and raise capital for onward investment.
Prior to this, the client spent six months trying to arrange this deal with her previous broker, which fell through as the previous adviser did not tell the lender the property was a serviced accommodation unit, thus leading to the finance provider pulling the facility.
As the landlord required the mortgage urgently, due to her current SVR affecting her cashflow, she approached Unicorn Commercial Finance’s executive officer, Som Emadi, for help.
Som submitted the deal to Shawbrook Bank on Wednesday (10th January) morning and, as the deal qualified for an AVM and PEXA — which allows their legal partner Pure Law to request funds for completion — the deal was completed in four working days.
“Having worked with Victoria Hayden [completion officer at Shawbrook], on several other cases, I knew that the completion process would be swift; by Friday, solicitors were engaged, with Pure Law jumping straight on the case,” said Som.
“Completing in this timeframe would not have been possible without the amazing response time of the applicant; she replied to me within the hour on every query and provided the documents in the quickest time possible.”
