Shawbrook Bank opens up business to offshore companies and trusts
Shawbrook Bank’s commercial lending team has today announced it will consider funding applications from offshore companies and trusts. The change has been made following feedback from its network of brokers.
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Potential deals will continue to be worked on by brokers, at the heart of Shawbrook’s business. The Application in Principle will use the following criteria:
- The provision of a structure chart, clearly identifying ownership and trustees.
- Any trust documentation, outlining the power of the trust
- The company or trust must have UK assets and a UK credit history which can be referenced
- The company or trust must have the capacity to use property as security for the loan
A full legal opinion letter from an international lawyer must be provided as evidence for all the information noted above.
Karen Bennett, Head of Sales and Marketing, Commercial Mortgages, Shawbrook Bank, said:
“We are pleased to be making another change based on the feedback of our brokers, they are at the heart of what we do, and we really listen when feedback is provided. Offshore companies and trusts have felt the impact of reduced high street lending options along with those in the UK, and we are pleased that our new approach will help boost lending in these areas.
“It will also give brokers more scope to complete new business and following a raft of recent changes to our commercial lending product range in 2013, we are confident that this new announcement will be met with positivity in the market.”
