Atom bank has delivered a £3.2m facility to support the refinancing of an industrial unit in Worcestershire that houses a distillery producing beer, wine and spirits.
The unit was purchased during the pandemic, but construction did not begin until early 2024.
The existing development loan, which was agreed on a pre-let basis, was approaching maturity, prompting the landlord to seek refinancing.
The client approached Michelle Mackenzie-Cooper and Shahjahan Alam at Mortgage and Finance Arena, while also exploring options with their existing bank.
After reviewing the market, the broker identified Atom bank as the most suitable lender, particularly due to its ability to lend against market value rather than vacant-possession value, enabling the borrower to raise a higher sum.
The brokers highlighted the speed of Atom bank’s Agreement in Principle (AIP) and application approval, crediting recent enhancements to the bank’s broker portal.
The deal progressed despite complications, including an expiring valuation and delays with local authority sign-offs.
Spencer Ford, regional business development manager at Atom bank, said: “This was not a straightforward case, with potential issues around the tenant restructuring and the valuation expiring.
“Yet the team pulled together to deliver the funding needed and set the client up for success in the future.
“The willingness to get into the details of an individual case, and really get to know the business involved, is a key differentiator for us and a big reason why so many brokers are bringing their commercial mortgage cases to Atom.”
Shahjahan Alam, commercial finance manager at Mortgage and Finance Arena, said: “I’ve worked with Atom, and Spencer in particular, previously and that personal relationship is crucial.
“I know Spencer will live up to his word, and that I’ll be able to talk the deal through with an underwriter.
“That’s a real contrast from high street banks, where you will get a relationship manager who often doesn’t understand the deal and is quick to say no.”
He added: “There were complications with this case, such as needing to extend the valuation and the tenants restructuring their business, which may have derailed it with other lenders.
“However, because Atom allowed us to discuss the details directly with the underwriter, we could talk through those issues clearly and deliver a great outcome to the client.”
