Bank North completes £1.25m loan to Manchester SME in just 16 days
The UK’s first truly regional bank of the modern era harnesses the power of technology, collaboration, and local expertise to deliver a loan in 16 working days
Bank North’s Manchester Pod team delivered a £1.25m loan for a property investor SME in the North-West. The local expert team worked alongside Paul Wilcox from GDP Funding Ltd, Helen Johnston of JMW Solicitors and Charlie Ardern of Cluttons to complete the deal in 16 days to meet the needs of the customer.
This rapid turnaround demonstrates the efficiency of Bank North’s local team, market-leading technology and highly efficient lending processes. For many businesses, the waiting time for loan approval takes far too long and the completion process is cumbersome.
This was particularly impressive given the complexity of the deal, with multiple property titles, uplift in rental yields to factor in as well as complex borrowing structure.
In this instance, Bank North was able to facilitate a fast and tailored loan for the client. This was due to our strong relationships with great brokers such as Paul who we worked closely with throughout the process alongside our lawyers and Pod team utilising technology for faster, more accurate decision making.
As a fintech-enabled business, Bank North can deliver loans to SME customers faster than the larger, more established UK banks. For this £1.25m loan, the Manchester Pod team utilised CoStar, a leading commercial real estate database service, to identify potential complications and prevent them from becoming an issue later during the legal process.
With the combination of cutting-edge technology, understanding of the local SME sector, and years of experience in SME lending, Bank North are proving that their revolutionary business lending solutions are unmatched in the industry.
Paul Wilcox, Broker at GDP Funding Ltd, quoted:
The team at Bank North were excellent and ensured that the transaction ran smoothly from application to completion. Both GDP and our client were pleased with the speed of delivery of this loan as well as the commercial approach the Bank took.