GB Bank helps tackle social housing demand

GB Bank is helping to tackle the social housing crisis in Birmingham with £870,000 commercial bridging solution. 

The Middlesbrough-headquartered bank is working with an experienced hotelier to support the acquisition of a trading hotel on the outskirts of Birmingham. 

Following the bridging funding from GB Bank, the customer is now working closely with Birmingham City Council to use the hotel to provide temporary accommodation for those referred by the council. 

This latest deal runs in line with GB Bank’s overarching purpose – to make a difference where it matters and to build better futures for the communities who need it most. 

Laleta Buctkaur, Relationship Manager at GB Bank said: “It’s always great when we get the chance to work on projects that have such a big impact. 

“As a bank, we’re committed to building better futures for the communities who need it most so this development really suited us. We’ve worked closely with the broker and borrower over recent weeks to ensure this is delivered effectively and well within the borrower’s deadline.” 

The borrower added: “We are hugely passionate about working with the local community and working with GB Bank on this acquisition has allowed us to continue to do just that.

“We changed our business model significantly during the Covid-19 pandemic and have really honed in on trying to accommodate the social housing demand and serve a bigger purpose.

“Working with GB Bank has been a seamless process and the two businesses are aligned on their vision – we want to make a difference.” 

Kinak Thakore from Alderbrook Financial Services was the broker of the deal, he added: “GB Bank provided feedback quickly and efficiently and were always open and transparent when communicating between all parties. 

“They worked closely with all stakeholders such as solicitors, creditors and valuers to ensure this complex transaction was secured efficiently.” 

A commercial bridging solution is one of the bank’s popular finance options and can be tailored to customer demands depending on the complexity of the deal. 

For more information on GB Bank’s lending services, please visit: https://gbbank.co.uk/introducers-and-referrals/ or e-mail lending@thegbb.co.uk.