BloomSmith has announced the renewal of its funding line with Shawbrook Bank, extending the relationship with the bank into 2024 and beyond.

The renewal means that the BloomSmith team is in a strong position to further extend the commercial reach of its VAT funding model and continue to support its clients as the real estate world continues to recover.

With the United Kingdom’s commercial real estate sector anticipated to grow in the coming 12 months following a tumultuous period, the continued relationship with Shawbrook Bank will play a key role in BloomSmith facilitating transactions for investors and developers.

BloomSmith’s lending model covers the VAT element due on the purchase of commercial properties, with streamlined processes meaning borrowers can receive an unsecured loan in 48 hours with no second legal charge. HMRC then repays the facility from the reclaim, typically within 90 days.

On the renewal, BloomSmith CEO Nigel Smith said: “Renewing our facility with Shawbrook Bank is a great boost as we head into 2024.

“Not only does this give us the scope to continue growing our business but maintaining a close relationship with a bank of this scale and standing in the UK property market demonstrates to our clients that we are a lender to be trusted and partner with.

“We are already beginning to see the volume of enquiries tick up as confidence is tentatively returns to the sector and we are looking forward to the new year.”

To learn more about our VAT funding model, speak to our team today.

Read more: The positive impact of VAT funding on purchasing power