When funding was required to help a successful property consortium purchase an asset in Reading, Redwood Bank was the first port of call.
Marson Property wanted a fresh-thinking bank to assist in the transaction and with the expertise of their retained broker Seaford Finance, Redwood Bank stood up to the mark.
Ciaran Kilheeney, Business Development Manager
One of the Directors owns a successful property company in London which was set up in 2014. As a team they work on property investment and development projects from start to finish, both for themselves and on behalf of other property professionals.
Year-on-year the company has grown and built up an impressive holding, with assets, including property and shareholding, in excess of £49m.
The borrower, via Seaford Finance, was seeking finance to fund an investment property which comprised 44 serviced apartments in Reading. With the property being approximately 0.4 miles from Reading town centre and the train station, the accommodation is in a prime location for commuters.
The property consists of four studio apartments, 26 one-bedroom apartments and 14 two-bedroom flats.
The three directors wanted to seek new banks to work with, because they felt that in the current climate it was important to diversify lenders.
The fact that two of the directors were based overseas created challenges, as most high street lenders have tightened their lending policies on offshore borrowers.
Knowing how supportive Redwood Bank is, David Thomas of Seaford Finance approached Redwood Business Development Manager Ciaran Kilheeney.
Together, they worked on finding a solution and in September 2020, the Redwood loan was advanced and the transaction took just five days to complete.
David Thomas of Seaford Finance said: "Ciaran was immediately receptive to working with us. From the first approach, Ciaran did all he could to help move the project along.
"Knowing how flexible and dynamic Redwood Bank is, they were my first choice, and they didn’t disappoint."
Marson Property called the whole experience "seamless", adding that Redwood went "above and beyond" in helping to provide finance.
"David, the broker, played a key role in this project, ensuring all parties knew exactly what was going on at all times. It was his excellent communication and understanding of the situation that enabled the transaction to be completed in record time."