When Buttermarket Properties needed to refinance the terms of a loan to fund an exciting mixed-use development in Warrington town centre, Redwood Bank was able to step in and secure the deal.
Buttermilk director, and successful property developer, Neil Trainer turned to Redwood Bank for assistance on his latest development, a blend of 12 one, two and three bed properties plus three commercial units in a former high street bank.
Neil had taken out development funding with a high street bank to purchase the former RBS building, valued at £1.6m, and needed to consolidate it into a competitive term loan with a lender providing a supportive and hands-on service.
He came to Redwood on the advice of his broker, Danny Carter of UK Financial Consultancy Services Limited, who he had known for many years and who recommended Redwood for their personal approach.
Working with Danny, who she had dealt with for several years in other banking roles, Redwood Bank’s Business Development Manager Sue Young built a package around a £1,050,000 loan.
The deal was able to be completed with a quick turnaround, allowing Neil to refinance promptly and focus his efforts on the continued work on the development and attract prospective tenants and businesses.
Sue said: “We were thrilled to be able to support a veteran property investor in bringing housing to Warrington town centre. Having worked closely with Danny for many years, Neil was able to place his trust in Redwood Bank and allow us to move swiftly to come up with a solution that worked for all parties.”
Being able to resolve a complicated financial issue quickly and effectively has shown the benefits of working with a flexible and adaptable Challenger Bank free of the rigid constraints often faced by traditional high street lenders.
Neil said: “I’ve been impressed by the can-do attitude shown by Sue and the Redwood team. They find solutions, ways to make things happen and the proactive approach has ensured a swift deal which, in the current property market, is vital.”