The client had a fundamental ask of their broker, Mike Gascoigne of Funding Friends: they wanted to return to a bank offering a relationship approach. Their current provider had long since walked away from this type of service, leaving the client frustrated. With a commercial and residential property investment portfolio worth over £11m, the client wanted debt finance of £5.59m to refinance two facilities.
A good fit
Mike’s long standing relationship with our Newcastle branch, meant he knew that our approach coupled with our product range, would be a good fit for his client, so we were introduced. We were able to demonstrate how we work to fulfil the client’s requirement for a relationship-led approach from day one. Through regular meetings we got to know the client, their situation and their future business aspirations.
An extension of our team
Mike’s experience within the local real estate market, proved invaluable in coming up with a solution for the client. Working together through significant challenges around the deal, we were able to present a number of options for the client to consider. Throughout the process the Mike was a key part of the team, working alongside branch colleagues, lawyers and valuers for the duration of the deal.
A two term loan solution
Taking the time with the client to really understand their business and drawing on the trust we have in the broker relationship, we were able to agree to fund two term loan facilities (£4m and £1.559m) over 5 years.