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Deepak Mohindra, owner of high-end retail property Daminis, located in the heart of London’s East End, said his dealings with Redwood Bank meant he could proceed with his expansion and refurbishment after it agreed to lend him a total of £5.8 million.
The entrepreneur approached the award-winning Bank to fund two separate projects – the conversion of his existing retail premises into a number of small rental units and a large refurbishment project involving turning a former restaurant into retail premises and flats.
The project began when Sanjay Rughani of Sterling Professional Finance Ltd approached Redwood Bank and asked it to step in and help.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: “Sanjay came to us on behalf of Deepak because the more traditional High Street banks were not prepared to fund the conversion. But we listened to his proposal and because we are flexible and versatile, we were able to move swiftly.
“John Hall, one of our Business Development Managers, visited the property. He was able to confirm there were no existing vacant units and there was a good demand for what Deepak wanted the two premises to offer. There was a steady flow of customers and the impressive structure of the Daminis shop, made mainly from glass, has great kerb appeal.
John Hall, Business Development Manager at Redwood Bank
“Having seen the quality of the property and the demand in the local area the project seemed like a great idea. In addition, we were fully satisfied with Mr Mohindra’s capability to move the business forward, which is why we approved the loan, making it Redwood’s largest ever lending deal.
An initial £2.6 million was agreed just four working days after the original application. The second loan, for a further £3.2 million, was then agreed just two days after it was submitted.
Deepak Mohindra said: “Redwood have been very efficient, cooperative, and very friendly with the service provided. I would recommend them highly to anyone. Excellent is the only word I can use.”
Sanjay Rughani, Regional Director of Sterling Professional Finance Ltd, said: “Deepak has been a client of Sterling Professional Finance for about five years. Whilst there were complexities in the funding which was required by Damini’s, we needed a lender that could understand them, and be able to progress matters.
“Following a meeting with Deepak by John Hall and Graham Reynolds at the site, it was evident they understood the proposition. This provided Manish, Deepak and I comfort that they could execute it in a timely manner, it also meant the covenants wouldn’t be onerous.
“John and Graham were also able to get the Redwood credit team to buy into the proposition. It’s the relationship we have built with Redwood that has allowed us to work closely with them.”
Founded in 2017, Redwood Bank was launched to offer secured SME lending products to owner-occupied businesses, as well as to experienced commercial and residential property investors
It also offers simple, rewarding savings accounts. Just last month it launched its newest product, a One Year Business Savings Bond which was propelled onto the market with a very competitive rate of 1.62 per cent.
For further information, visit www.redwoodbank.co.uk
Notes to editors
For further details contact Laura Pearce at Strand PR on laura@strand-pr.co.uk or 01763 274674 / 07903 106405.
Redwood Bank was launched in August 2017, becoming Britain’s newest business bank for SMEs and completing its ‘mobilisation’ phase just over four months after securing its initial banking licence in April 2017. Redwood Bank offers secured SME mortgages for business owners, as well as for experienced commercial and residential property investors. It delivers fast and efficient mortgage decisions to help their business customers seize property opportunitiesand also offers competitive business savings accounts. Redwood Bank was founded by Jonathan Rowland and Gary Wilkinson. It has a unique private-public ownership structure in which Warrington Borough Council has a one-third stake.