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.”