After announcing its annual results for 2013, Shawbrook Bank has confirmed a significant increase in lending to property investors.
In total, £370m was lent to experienced property professionals, says the firm and the bank’s controlled growth has resulted in a pre-tax profit of £16.8 million.
Shawbrook has seen considerable demand from property investors across the country for its wide range of commercial loans, with particularly high take-up in both London and the North East.
In 2013, Shawbrook Bank welcomed 44,000 new clients, and is now providing lending services to 52,000 customers.
Shawbrook’s range includes short term loans for refurbishment or acquisition, longer term refurbishment loans, and buy-to-let covering both specialist residential and commercial investment loans. This has helped the Commercial Mortgages loan book grow by 170% to £541 million.
Stephen Johnson, MD, Commercial Mortgages at Shawbrook Bank, commented: “2013 was a good year for property investors and our growth demonstrates the strong demand out there from investors looking to expand and improve their portfolios. We are straightforward and use common sense to make lending decisions and this resonates well with our clients. In 2014 we’ll continue to do our utmost to help our property investor clients get the funding they need to maximise the opportunities available to them.”
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