OUR SAVINGS PRODUCTS
Put your business cash to work with our simple, rewarding and easy to use business savings accounts.
Our opening hours will change during the festive season.
Our opening hours will change during the festive season. We will close from 2.00pm on the 24th December and reopen at 9.00am on the 27th December. Our usual opening hours will then apply. We will be closed on the 1st January and reopen at 9.00am on the 2nd January.
THE SITUATION
Matthew Hawcroft from Commercial Finance Partnership spoke to Redwood Bank about a client who was looking to refinance two properties with a combined value of £920,000 in Normanton, West Yorkshire. One, that comprised two industrial units – one let to the client’s own catering and takeaway company and the other let to a garage/body shop.
The second property was mixed use with two ground floor retail units, let to a florist and funeral director, with an upper floor office and two apartments.
The client had originally negotiated a deal with a different bank, which unfortunately fell through. So, when Redwood was approached, time was of the essence with the valuation due to expire in two months.
THE SOLUTION
The client’s initial thoughts were that Redwood could help repay a current loan, but after further discussions, it became clear that the client could release further funds to help build his portfolio. There would also be sufficient money to carry out improvements to the existing properties, something he had hoped to do for years.
With the clock ticking, Redwood was able to make an offer for a £563,040 loan, with an LTV of 61.2 per cent, in just two days from the application being made. Drawdown was less than 12 weeks later. The released equity enabled the client to pursue his ambitions.
THE EXPERIENCE
Head of Business Development (North and Scotland), Chris Finnigan said: “We have a really good relationship with Commercial Finance Partnership, so when the client’s first deal fell through, they knew they could count on us to see the job through.
“The client was thrilled that we were able to provide him with more funds than he expected to help grow his portfolio.”
Matthew, from Commercial Finance Partnership, said: “Redwood’s pragmatic and commercial approach really shone on this particular transaction. Their quick underwrite helped us save the facility that was declined elsewhere. We have gained a valuable and loyal client as a result. Thank you to Chris and the whole team at Redwood.”