View more on these topics

Shawbrook commercial arm to consider offshore companies and trusts

Shawbrook Bank’s commercial lending team will now consider funding applications from offshore companies and trusts. 

 

The change has been made following feedback from its network of brokers.

Offshore companies that operate in a mainstream jurisdiction i.e. Cayman Islands, Channel Islands, Isle of Man or Gibraltar will all be eligible, as long as their directors or beneficiaries are UK residents over the age of 21.

The lender’s 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.

 Shawbrook’s head of sales and marketing in its commercial mortgages team Karen Bennett says: ”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.”

Recommended

Buy-to-let remortgaging surges to record 69% of all BTL deals in Q1

  Buy-to-let remortgaging surged a whopping 26% in the first quarter of 2013 according to Mortgages for Business’s latest buy-to-let index. The specialist buy-to-let brokerage says that over the quarter remortgaging accounted for 69 per cent of all residential buy-to-let transactions, up from 43 per cent in the final quarter of 2012. The percentage that […]

MAS will be held accountable for spending to FCA and Treasury

  The Money Advice Service will be required to explain any likely overspends or underspends against its industry-funded budget to the Financial Conduct Authority and the Treasury under the new regulatory structure. An agreement between the bodies, published by the FCA last week, set out that the MAS is independent of the FCA but that […]

Newsletter

News and expert analysis straight to your inbox

Sign up