Warrington Challenger Bank praised for supporting major property developer


A Warrington Challenger Bank has been praised for its “swift handling of hurdles” when it came to lending money to a Scottish property developer.

Redwood Bank was introduced to Victor Singh, owner of KBA Homes Ltd, earlier this year.

Having amassed a £5.6million portfolio of more than 60 properties, Mr Singh, who rented out most of his properties, wanted to refinance the existing borrowing he had onto more favourable rates.

He also wanted to free up some of the land held within his portfolio, to be either developed or sold to release equity and thereby allow him to continue buying property.

Redwood Bank agreed to restructure the existing loan onto a 10-year interest-only facility which allowed the release of the non-income generative land, and also reduced Mr Singh’s monthly loan repayments.

Broker Martin Lee from Bespoke Business Finance introduced Redwood Bank’s John Hall to Mr Singh.

Mr Lee said:

“From the start of the transaction it was clear that Victor needed a bank that would understand the nature of his business and his plans to expand. Having taken the time to fly to Glasgow to meet the clients, John quickly got to grips with the portfolio and also Victor’s current and future needs, and structured a package that would suit all parties, in a short space of time.

“It is fair to say that the journey from credit approval to drawdown threw up a few challenges along the way and it was the swift handling of these hurdles that most impressed both myself and Victor.”

Redwood’s flexible approach took into account Mr Singh’s background, dedication and determination, to retain and make his portfolio work for him and helped mitigate any potential risks against his £3.44 million loan.

Business Development Manager John Hall said:

“This was slightly different to our normal lending due to the small commercial element in the portfolio. However, the strength and dedication of Mr Singh in respect of his background warranted our support.

“Meeting the customer face to face made all the difference, as you could see his passion for his portfolio and the potential therein. His plans to develop the portfolio were realistic, strengthened further by his reputation in the local market.”

Since its 2017 inception, Redwood Bank has tripled its workforce, scooped 21 awards, attracted more than 4,000 customers, has lent over £300m and currently holds deposits of £335m.

The Bank was launched to offer secured SME lending products to owner-occupied businesses, as well as to experienced commercial and residential property investors.

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