Property investment specialist lender Shawbrook has completed its first limited company remortgage in just 28 business days.

The professional property investor, an existing customer, was seeking a £70,000 remortgage for their 11-property portfolio in Blackpool. 

Clever Lending, the broker for the customer, capitalised on MyShawbrook, the bank’s innovative application portal. 

Shawbrook claims that by obtaining an automated valuation at the initial stage, both the broker and customer gained confidence that valuation challenges wouldn’t arise later in the process.

Clever Lending submitted a fully packaged formal mortgage application, which contributed to the offer being issued five business days later for the £70,000 loan at 75 per cent LTV, fixed for five years on a 25-year term.

The bank claims that for a process that traditionally takes months, this remortgage took just 28 business days from formal mortgage application to completion.

Sarah Woolf, senior regional development manager at Shawbrook, says: “Using innovations, such as MyShawbrook and PEXA, for this limited company case shows that remortgaging doesn’t have to be a long and arduous process. 

“When technology is used in the right way to enhance the lending process, great outcomes are possible for both brokers and their clients: 28 business days is a fantastic turnaround, particularly over a period of multiple bank holidays.”