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Case study Our people Loans

Property company puts faith in Redwood Bank once again as partnership flourishes

23/12/2021
Fostering valued partnerships with customers and brokers alike is at the heart of building trust and confidence in Redwood Bank.
 
From understanding each customer’s individual requirements, to finding solutions to support their future vision, the Redwood team knows how to cultivate a budding relationship and transform it into a successful partnership.
 
This was demonstrated when an existing customer decided to return to Redwood for help with their next project.
 
THE SITUATION
 
Redwood Bank started working with UK property company, the Nicholson Group, when Business Development Manager Mark Dolphin visited his broker contact, Peter Leonard, now of Newsource Commercial Finance.
 
From there, Peter introduced Paul Nicholson, CEO of the Nicholson Group, to Redwood Bank – and he hasn’t looked back.
 
Redwood soon proved its worth by turning around his first financial requirement with legal completion, in just 16 days, enabling the Group to purchase its next property within an agreed, and very tight timescale.
 
The Bank worked closely with the Group to ensure it was able to release the maximum amount available from the re-development of a property in St Helens into two commercial units and 12 residential one-bedroom apartments.
 
When a similar situation arose again, the Nicholson Group turned once again to Redwood Bank.
 
THE SOLUTION
 
The Group had used funds advanced by the Bank to buy the former, vacant Post Office in St Helens, transforming it into a high spec mixed development, including 18 residential apartments on the upper floors.
 
Mark explained: “In line with his business model, once Paul had completed the refurbishment, we provided a substantive equity release loan to replenish his cash reserves.
 
“Paul has now acquired another vacant building in St Helens and plans to develop it into a high-end boutique mixed-use scheme.”
 
THE EXPERIENCE
 
Redwood has demonstrated its credentials in helping property development companies like the Nicholson Group release funds in a timely fashion so they can stay on track with their model and keep projects rolling over.
 
Paul Nicholson, CEO of the Nicholson Group, said: “Working with Redwood really has been a breath of fresh air. They are a dynamic, commercial, forward-thinking bank who are solution driven to ensure deals come to fruition. We are proud to say they are our banking partner and look forward to working with them on our next projects, which they have been fundamental in us securing.”
 
Mark added: “We’d be delighted to assist with further facilities down the track, in line with Paul’s business model. Across the three loan facilities we have advanced since embarking on the relationship, there have been 46 quality apartments created and several vacant buildings brought to life. That is something we are proud to be part of.
 
“The Nicholson Group has ambitious plans in property development over the next few years and Redwood Bank is well positioned to become its long-term funding partner.”

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