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.
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.
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.
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