MSB SUPPORTS REDWOOD BANK TO DELIVER £3 MILLION LOAN DESPITE UNCERTAIN CLIMATEPublished on
MSB’s Property Finance team has arranged a £3 million loan on behalf of lender Redwood Bank, having acted in over £8m worth of transactions in May alone, despite a significant drop in market activity as a result of Covid-19.
MSB acted on behalf of Redwood Bank and was responsible for reviewing all transactional documentation prior to completion of the loan, to ensure that the assets provided suitable security.
The loan was for a professional landlord who was refinancing a large portfolio and obtaining development funding for an ongoing project. The Bank had introduced desktop valuations for all newly secured property business loans, as a temporary measure, allowing them to continue to support the business community.
Recent reports show that 58 per cent of UK SMEs feel their banking provider has been slow to offer help during the Covid-19 crisis. However, where some lenders have left borrowers in difficult positions, Redwood has continued to show a willingness to support its customers.
Darren Barwick, Commercial Property Partner at MSB who led the transaction, said:
“MSB has always had a highly respected commercial property team and they transitioned seamlessly to working from home, continuing to deliver the best possible service to our clients. In this case, the borrowers and guarantors were able to receive independent legal advice via video calls to enable the transactions to proceed without delay.
“The market has seen a huge drop in activity yet we are still managing to get transactions completed, which is a huge achievement. It’s fantastic that Redwood Bank still has an appetite to lend funds when others have withdrawn from the market during this time.
“We’re committed to being an agile firm, doing what we can to support our clients. This piece of work is testament to the team’s dedication, demonstrating the complexity of the work they are doing and the incredibly high standards of delivery, especially during such a challenging time.”
Gary Wilkinson, CEO and Co-Founder of Redwood Bank, said:
“During these challenging and uncertain times, we are completely committed to our customers, colleagues and business partners.
“We remain passionate about supporting British businesses and even more keen on helping them navigate this ever-changing financial and business landscape – we have a strong appetite to lend and will continue to do so to help keep business moving.”
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