"The development had been funded from the groups own resources and, with the development nearing completion, we needed time-sensitive funds to be raised against the completed project. "
An acclaimed Merseyside-based property development business has sung the praises of a regionally-based ‘challenger bank after receiving assistance with a major finance package.
Paul Nicholson, chief executive and founder of the Nicholson Group needed funds promptly to purchase his next property project and was introduced to Redwood Bank.
Funds were tied up in another development, Nicholson Plaza, but Redwood managed to sort the deal in record time.
“The development had been funded from the group’s own resources and, with the development nearing completion, we needed time-sensitive funds to be raised against the completed project,” said Nicholson.
In approaching commercial broker Peter Leonard of Whiterose Finance, Nicholson Group were then introduced to Redwood Bank’s business development manager, Mark Dolphin.
"Redwood provided heads of terms within 24-hours plus confirmation from Mark Dolphin that the bank could complete the valuation and legal due diligence in time giving everyone peace of mind,” added Nicholson.
To ensure the Nicholson Group was able to release the maximum amount available from the re-development, Redwood Bank 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.