Terry Woodley/Shawbrook Bank.
RateSetter offloads £167m property development loan portfolio to Shawbook Bank
The Metro Bank-owned lender is also selling its development finance team.
“I am pleased that our property finance team can go to a new home where they will complement the Shawbrook team and continue to grow the franchise they have built.”
From Shawbrook’s side, Terry Woodley, managing director of the bank’s development finance business, said the transaction would add more than 100 new active clients to his portfolio.
“This is a fantastic acquisition and one that complements our existing development finance operations,” said Woodley.
“Our ambition is to become the UK’s Specialist SME Lender of Choice. By applying our specialist lending principles and high levels of service to an immediately adjacent segment of the development finance market, where loan sizes typically start at £1m, we fully expect the acquisition of the RateSetter business to quickly deliver both scale and synergies.”