A Hertfordshire challenger bank has been praised for being “efficient, cooperative, and friendly” after it completed its largest ever drawn deal.
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.
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said: “Deepak came to us 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.
“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.”
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