The Commercial Mortgages Business at Shawbrook Bank has recently completed a development finance transaction for £13.6 million with all-finance distributor Black Book Finance.
The transaction was for the purchase of an office block, with consent to be converted into 74 residential units. In addition, an application has been submitted to add further units in the roof space. Shawbrook agreed a dual facility, with the first tranche based on the current consent, and further funds to be drawn on receipt of the revised consent. In addition, Shawbrook agreed a loan to meet the related VAT bill. The funding was completed in just 6 weeks from application.
Executive Chairman at Black Book Finance, Michael Clapper, said:
“This was a complex development deal with strict deadlines, and I have to say that our team did an outstanding job; working all hours to bring all parties together to get it over the line. Likewise, the team at Shawbrook were a genuine pleasure to work with as ever, and pulled out all the stops to ensure it completed in time. We now have a delighted introducer and their clients, and my thanks go to everyone involved.”
Shawbrook Bank’s Deputy CEO & Managing Director, Stephen Johnson, said:
“Michael’s return to the finance industry is both exciting and welcomed. Having successfully partnered with him and his team over many years in the past, I am confident that Black Book Finance will continue to go from strength to strength. We are delighted with this latest completion, and even more so to welcome Black Book as a Shawbrook partner.”