A children’s day nursery business in Nottinghamshire is set to continue its growth following a £3m loan from GB Bank.
As part of a complex deal, Middlesbrough-based GB Bank supported the company with a commercial bridging loan to help unlock working capital so it can keep expanding.
As the deal involved six properties in various locations, organising the valuations was a key and complicated part of the process.
Due to GB Bank’s proactive approach to liaison and product flexibility, the deal was completed only 10 weeks after the initial enquiry – hitting the target date for the customer.
The Bank’s flexible approach came in handy in the final weeks of the deal when the existing lender required additional legal work to be completed, which meant dealing with three sets of solicitors to secure the deal.
Rob Lankey, Chief Commercial Officer at GB Bank said: “We were fully engaged with the broker, borrower and all third-party professionals from day one, working tirelessly to ensure that the entire process was focused on achieving the target date for drawdown. This involved daily communication with the law firms and constant liaison with the valuers.”
The Broker working on the deal was Goodman Corporate Finance.
Roxanne Goodman of Goodman Corporate Finance complimented GB Bank’s ‘boots on the ground’ approach.
She said: “Working with GB Bank was absolutely game-changing for us as a broker.
“We had daily calls, information updates and they kept us informed via group Teams calls. The GB Bank team went above and beyond on service levels to make sure that the client had the funding they needed within the planned timeframe.
“We’d have absolutely no hesitation in working with GB Bank again – they got the job done.”
If you’d like to find out more about our bridging products, head to our lending pages: https://gbbank.co.uk/introducers-and-referrals/#lendingproducts