Redwood Bank has cemented its commitment to growing business in Scotland, with the introduction of a new business development manager, Chelsea Thomson (pictured).
This comes after the bank’s recent introduction of a 5-year fixed rate mortgage in addition to its pre-existing 2- and 3-year products launched last year.
Keen to take Redwood’s offering to Scottish organisations, Thomson said there is plenty of opportunity to be found in the region.
She said: “I feel that Scotland is a prime location for commercial lending and needs more feet on the ground. Redwood is very different from your traditional high street bank, as each case is assessed on an individual basis by a human – it’s not a system generated process – it’s real people helping real businesses.
“Redwood Bank is still relatively unknown north of the border, but the area is strong for HMOs, which mainstream banks tend to shy away from.
“We have a really good proposition for this sector, so I am excited to get started.”
Gary Wilkinson, co-founder and CEO, added: “Moving into Scotland was a natural progression for the Bank. We have demonstrated clearly, in the North-west in particular, the strong appetite we have for supporting businesses.
“We are not your average Bank, nor would we want to be. We dare to be different, and our customers appreciate it.”
Since its launch in 2017, the Bank has loaned more than £175m to people and properties based in Warrington and the North-west, representing approximately 26% of Redwood Bank’s lending.
This compares to an industry average of 10%.
Currently, just 6% of Redwood’s business comes from Scotland, but this has been achieved without a presence in the country.
Redwood, with offices in Letchworth, Hertfordshire and Warrington, Cheshire, recently won the Business Moneyfacts trophy for Best Business Variable Rate Deposit Account Provider for the fifth consecutive year.
