Urban Exposure, the UK residential development finance specialist, has announced it has set up a non-exclusive partnership with challenger bank Shawbrook.
The link up was first mentioned two months ago, in Shawbrook’s Q3 2015 interim statement last November, but the pair haven’t yet announced any joint financings.
Shawbrook, which focuses on UK SME clients, offers commercial mortgages as well as business banking, personal lending and savings. In the nine months to 30 September 2015 the bank originated £441 million of commercial real estate senior mortgages.
The pair described the partnership as a venture to provide “end to end” funding to established property developers which would enable clients to take projects from pre-planning to mortgage financing without the need “for multiple finance relationships.”
Steve Johnson, deputy CEO and head of commercial mortgages at Shawbrook, said combining Urban Exposure’s experience in bridge, stretch senior and mezzanine finance with Shawbrook senior mortgages would be “a complete solution” for clients.
Urban Exposure, headed by CEO Randeesh Sandhu, is backed by US hedge fund EJF Capital.