Atom bank has completed a £1.06m commercial mortgage in Scotland, receiving high praise from the broker involved for a ‘seamless’ experience.
The client sought to refinance an existing commercial mortgage on a restaurant in central Edinburgh and raise funds for another investment purchase. The restaurant, located in a popular tourist area, yields strong returns and is leased on a long-term contract.
Scott Cowan, director of Veritas Property Finance, brought the case to Atom bank, believing they could offer a better rate than the existing lender. Atom bank provided a £1.06m loan at a 6.96% rate over a five-year term with a loan-to-value (LTV) of 62%. With the help of Ennova Law, Atom bank completed the process from application to drawdown in less than seven weeks, impressing both the broker and client.
Liam Brodie, regional business development manager for the north east, Scotland, and Northern Ireland at Atom bank, said: “Atom bank has worked hard over the last year to make our process as quick and easy as possible for commercial cases, and this deal was a great example of how those changes are paying off. We have combined transparency, cutting-edge technology and the personal touch, and brokers and borrowers alike are seeing the benefit.
“While providing competitive rates will always be important, it’s the process that often makes the biggest difference and ensures that brokers return to use us with their other commercial clients.”
Cowan added: “This case was a perfect example of how commercial lending should be. It was the most straightforward and stress-free deal, with Atom bank delivering a smooth and seamless experience along with both sets of lawyers. All too often at the moment cases seem to take forever, which is both costly and frustrating for clients. However, Atom bank was able to combine a great rate with exemplary speed and service.
“Liam was crucial to the success of this case – it’s so important to have someone on the ground who you can talk things through with, and help the deal progress, which isn’t always on offer from commercial lenders. The client is thrilled, and Atom bank will be the first choice when it comes to refinancing the other properties in their portfolio because of how well this one went.”
