GB BANK has concluded a funding deal in record time, moving from initial enquiry to delivered funds in less than a week.
The Teesside-based bank approved an equity release funding deal for a residential property in the space of just six days.
The swift turnaround enabled the borrower to save an £85,000 deposit for the property which they would have lost if they had been unable to meet the tight completion deadline.
GB Bank’s lending team swung into action as soon as the lending enquiry was received.
Using close collaborative working, the team used AVM to ensure a swift valuation of the property and used Title Insurance to expedite the legal due diligence on the deal.
GB Bank’s proactive credit team was able to support in a quick turnaround to the approved terms while solicitors working on the deal moved at pace – and out of office hours – to support the completion deadline.
Laleta Buctkuar, Relationship Manager at GB Bank said: “Speed really was of the essence on this deal – the borrower’s original funding strategy was not going to come to fruition in time for the property’s completion date so we faced a real race against time to get the funding over the line.
“This was a real team effort, both from the different departments within GB Bank and the external legal professionals, to turn this around so quickly and hence save the borrower a considerable sum of money.
“We pride ourselves on doing the job as efficiently and as quickly as possible and this was certainly the case with this funding deal.”
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.