Bank North showcases agile loan delivery

The UK's first truly regional business bank of the modern era highlights the benefits of local knowledge with a tailored loan to specialist care provider

A Star Support Group, providers of specialist care services, approached Bank North, through their broker, Scott Murcott of Montane Finance with a request to refinance their outstanding debt with various other lenders.

While the initial loan request was for a £850k commercial loan, further discussions with the client and broker revealed that extra capital would be beneficial for the cash flow of the business. Whereas many banks would proceed with the application as presented, Bank North took time to properly understand the business and the management to provide a tailored offer. Working closely with the broker, the client, the valuer and their accountant resulted in a more tailored deal. The lending was structured on an OpCo/PropCo basis by one of our experienced Lending Directors which met with the client’s strategic plans and enabled us to support a higher debt amount of £1 million.

The new proposal provided the client with a robust structure which meets the future needs of the business. The deal would not have been possible without the input of a team of local experts working together to deliver a bespoke service to a client who, not only creates jobs in the local community but also delivers vital specialist care provision. The deal was handled by Bank North’s Manchester regional pod and serves as an example of the power of regional business banking.

Scott Murcott, the client’s Broker at Murcott Finance, said:

Working with Bank North was a breath of fresh air – it was great to see a lender take such a dynamic view of a business before making a decision. The process was quick and straightforward, it was clear to see the difference of interacting with a lender with deep local experience.

Tim Repin, A Star Support Group, said:

I am delighted that I have been able to refinance my business with Bank North – the team went above and beyond for our company. After investing a considerable amount of capital into care facility improvements, the increase in loan amount has materially improved cash flow at the business.

Becky Owen, Bank North Regional Managing Director, said:

This deal showcases our deeply consultative approach – making use of the expertise of both brokers and valuers. I am delighted that we have been able to help A Star Support Group and we look forward to working with them in the future as we continue to support their business deliver valuable care to the community.
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Bank North Limited is authorised by the Prudential Regulation Authority and authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 848024). Bank North Limited is a company registered in England and Wales (company number 11030672) and its registered office is Suite 20A, Manchester One, 53 Portland Street, Manchester, M1 3LD.

Bank North has been Authorised with Restrictions since 24th August 2021, at which point the firm entered a phase known as mobilisation. During this phase, the bank will be undertaking lending activities but will not be accepting customer deposits.