GB BANK has concluded its biggest lending deal to date, finalising a multi-million-pound facility for an affordable housing development in the space of just one month.

The Teesside-based bank is providing a seven-figure funding package to help create over 100 much-needed affordable homes in the West Midlands.

The initial enquiry came from a discussion at the NACFB Expo and within one month it had been completed, despite the size of the deal and the complexities involved.

The borrowers were in the process of restructuring the shareholding and directorship of the company, whilst progressing our application. Additionally they required the bridging loan to complete within a sensitive timeline, to support the redemption of existing lending facility due to expire.

This loan was for plans to redevelop a disused 0.88-acre car park in West Bromwich into a five-storey building comprising office space and 100 one and two bed residential units.

This made the deal a complex and time-critical one, making it essential for GB Bank’s collaborative approach to involve all parties throughout the transaction.

A complex credit analysis and Credit Committee Approval was put in place by GB Bank at the start of the lending process.

The GB Bank team then worked very closely with professional partners in the legal and valuation processes, also involving full engagement with the borrower throughout the process.

Stephen Lancaster, CEO at GB Bank, said: “This was a full team effort involving internal loan processing and completion teams, the Relationship Manager and Credit team all pulling in the same direction to achieve the desired outcome: a bespoke and flexible loan package that not only delivered but exceeded the borrower’s requirements.

“We are so proud of this deal, demonstrating our flexibility, determination, team collaboration and ultimately delighting our customer and broker who were impressed with our service.

“It also means that more than 100 affordable homes will soon be available in the West Midlands, helping to provide much-needed accommodation to the community.”

The Broker, Kinak Thakore from Alderbrook Financial Services, said that the deal process was: “Responsive, efficient, and clearly dedicated to prioritising customer – impressive service from GB Bank.”

GB Bank was granted a full banking licence in August 2022.

It is a bank with a purpose – committed to supporting property developers with financial solutions throughout their development lifecycle.

GB Bank uses regional knowledge and passion to regenerate and build communities, boosting economic growth in regions across the UK that need it most.

Savers also benefit as the bank offers a range of fixed-term saving products with competitive rates.

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