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Shawbrook acquires £167m portfolio from RateSetter

See below Shawbrook’s press release regarding their purchase of RateSetter; it will be interesting to see how this will effect RateSetter Personal Guarantee demands and collections.

“Shawbrook Bank has enhanced its position in a key and growing market after it completed the strategic acquisition of RateSetter’s peer-to-peer funded development finance business. The NACFB Patron announced the completion of the deal yesterday which includes the purchase of a development finance loan portfolio with facilities totalling £167 million. After continuing to fund new projects throughout 2020, despite the logistical challenges associated with COVID-19 measures, this acquisition of the team and portfolio from RateSetter increases both the scale and capacity of Shawbrook’s existing development finance business whilst sign-posting the Bank’s continued commitment to this important market.”
Shawbrook Bank, Press Release

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