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.
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.”
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For further information, visit www.redwoodbank.co.uk