A Liverpool-based property group has praised a challenger bank for approving a major finance package within an “almost impossible” 16-day window.
CEO and founder Paul Nicholson of the Nicholson Group needed funds fast to purchase their next property redevelopment and was introduced to Redwood Bank who turned the deal around in record time.
Money from the company was already tied up in another development comprising two commercial units and 12 residential one-bedroom apartments in the centre of St Helens, known as Nicholson Plaza.
The development had been funded from the Group’s own resources and, with the development nearing completion, funds were needed to be raised against the completed project in a time-critical manner.
Mr Nicholson made a direct approach to commercial broker Peter Leonard of Whiterose Finance, who introduced him to Redwood Bank’s business development manager, Mark Dolphin.
Left to right: Mark Dolphin, (Business Development Manager), Redwood Bank, Gary Wilkinson, (CEO and Co-Founder), Redwood Bank, Paul Nicholson, (CEO), Nicholson Group, Alan Brown, (Chief Risk Officer), Redwood Bank, Peter Leonard, (Whiterose Finance), Graham Reynolds, (Chief Development Officer), Redwood Bank
Mr Dolphin provided Heads of Terms within 24-hours, alongside the confirmation that Redwood Bank would be able to complete the valuation and legal due diligence within the agreed timescale, giving both the broker certainty and the client peace of mind. The formal credit sanction was received within 48-hours, which evidenced Redwood’s strong desire to work to the client’s timescale.
Redwood Bank also agreed to split the facility into two separate facilities – a 20-year facility in connection with the commercial units and a 30-year facility in connection with the residential units, to ensure the customer was able to release the maximum amount available from the re-development.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said:
This is a great example of how Redwood Bank is keen to find a solution which matches the client’s credit appetite, while ensuring the facility met our own credit parameters.
“When we were first introduced to Paul, the 16-day window seemed tight and almost impossible, but due to Mark’s commitment and dedication, he managed to turn it around and find a solution that all parties were happy with.
“In an industry which has the benefits of latest technology, transactions can still take a seemingly inordinate amount of time to complete. It just goes to show that if you have willing parties on all sides, a deal can be executed in a timely manner.”
Mr Nicholson added: “The overall speed of delivery, from initial contact with the broker to sanction and ultimately completion was highly impressive. Given the current climate and uncertainty over the UK economy, it is very encouraging to experience how pro-active a lender such as Redwood Bank is in the property market.”
Redwood Bank continues to flourish since its 2017 inception and maintains its market leading rates with its 1.55 per cent 95-Day Notice account leading the way in best buy tables.
Savings bonds are ideal for businesses, organsations and charities which do not need to make withdrawals and with up to four authorised users having access, it means the account can be managed by multiple people.
For further information, visit www.redwoodbank.co.uk
Notes to editors
For further details contact Laura Pearce at Strand PR on email@example.com 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 opportunities and 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.