Hampshire-based Bill Rawles Classic Cars has been granted a £1m commercial loan by Atom bank.
This came after the business, a specialist in classic car restoration and maintenance, looked into its long-term borrowing strategy and realised the need for a change.
Many high-street lenders had previously turned them down, inaccurately categorising them as ‘motor trade’ without acknowledging its stand-alone merits as a trading entity.
The introduction to Atom bank was facilitated by Tamara Renshaw of Productivity Finance. After a comprehensive review of business performance and projections, Atom agreed on a loan of £1,063,125, equating to a loan to value (LTV) of 56% over the business premises. This is set as a five-year fixed-rate loan with a 25-year repayment plan.
The purpose of this refinancing is to move from their existing commercial mortgage, especially after interest rate rises affected their monthly payments. This decision aims to boost cash flow and foster confidence for future growth. The funds will also support the acquisition of a newer, larger trading venue, with potential for more expansion.
Bill Rawles Classic Cars is a family-owned venture, with Bill Rawles, having 35 years of experience, supervising the workshop, and his son Jack looking after the business operations.
David Castling, head of intermediaries at Atom bank, said: “This case is a prime example of a forward-thinking family business. Unfortunately, many such firms are rejected by high-street lenders. Alongside our BDM and underwriting team, Tamara was pivotal in this case from introduction to completion.”
Renshaw added: “Atom bank is building a strong reputation within the broker community. Sector specific credit policies should be viewed with nuance. From the start to having a relationship with a dedicated underwriter, they were professional and responsive.”
Jack Rawles said: “This loan offers us stability over the next five years. The process of refinancing with Atom through Tamara was more straightforward than our previous experiences. We appreciated the flexibility and the personal touch from Atom and Tamara, both showing genuine interest in our business.”
