Atom bank completes £3.9m refinance for Staines office
Atom bank has completed a £3.9m refinance for an office in Staines-Upon-Thames, supporting a borrower in a sector where lender appetite has become more selective.
Atom bank has completed a £3.9m refinance for an office property in Staines-Upon-Thames, Surrey.
The borrower wanted to refinance an existing facility in order to reduce debt and lower monthly outgoings.
The case was introduced by Jack Grey, commercial relationship manager at P10 Financial Group, who said Atom bank was selected because of its appetite for office lending, including properties outside London.
The transaction required the borrower to change solicitor and establish new leases with existing office tenants, with Atom bank and P10 Financial Group working together to keep the case progressing.
Neil Findlay, senior commercial BDM at Atom bank, said: “This case shows the value of clear communication. I have worked closely with Jack since he entered the industry, and having handled a series of cases together we now have a great understanding which always makes it easier to navigate complications. Combined with the communication from the underwriter, a case that could easily have stalled was instead completed promptly.
“The office sector is one which some lenders are less keen on, particularly since the pandemic, but it has seen a resurgence over the last year. Atom bank has established itself as a lender with an appetite to support the right office cases, even if they are based outside of the capital.”
The office market has become more challenging for investors in recent years as hybrid working has affected demand and lender appetite. Atom bank said it remained willing to consider suitable office transactions despite that wider caution.
Jack Grey, senior adviser at P10 Financial Group, added: “I often bring deals like this to Atom, because I know the pricing and appetite is excellent and the personal touch can make the difference when challenges emerge.
“With this case, whenever difficulties arose, Neil was on hand to help, while the response from the underwriter was also outstanding – they called on the day of the application to discuss the case, so we were on the same page from the get-go, which is all too rare in this industry.
“Many lenders don’t have the appetite for cases involving offices, particularly those in non-London locations, but Atom saw the potential and was keen to support.
“The client has had some negative experiences with commercial lenders in the past, so is thrilled with how smoothly this case has proceeded and it’s a great case study for a longstanding lender/broker relationship that has led to another great success story.”
Related
Albatross completes £746,481 Leicester mixed-use refinance
Recognise Bank completes £1.836m bridging loan for Harlow site acquisition
Atom bank launches ‘Natural Capital’ proposition to unlock housing through habitat creation
Aspen completes £1.9m Cheshire bridge-to-let refinance in 14 days
United Trust Bank Asset Finance completes £319,000 hire purchase facility
Atelier completes £4.7m loan to deliver Aberdeen PBSA conversion
UTB completes £356,400 auction bridge through new broker portal
Hilco Real Estate Finance completes £7.6m brdiging loan
TAB completes £611,250 bridge for Iver property purchase
Brickflow and LandTech support £2.39m Isle of Wight bridging refinance
Glenhawk completes £1.12m hotel refurbishment loan
