Loan deal

Challenger bank completes its biggest loan




Cambridge & Counties has completed its biggest loan to date after refinancing a converted landmark Birmingham building.

The bank provided £7.7m funding for the newly-opened student apartments, City Edge, which was designed by renowned architect John Madin.

City Edge will provide 136 high-spec studios which are fully occupied for the newly begun academic year.

Cambridge & Counties was introduced to the borrower Hagley Road Properties Limited by Finance 4 Business and the loan was approved and drawn down in eight weeks.

Stephen Shaylor, CEO of Shaylor Group, the owners of Hagley Road Properties, said it enjoyed the way the bank ensured the lend was a relatively quick process.

“They also demonstrated flexibility along with excellent communication skills.

“To be able to play a significant part in bringing a John Madin building – one of our city’s most influential post-war architects and planners – back into use is an incredible achievement and one we are very proud of.”

Neil Reddington, Cambridge & Counties director of business development for the West Midlands, said the bank was very proud of the deal, which was completed by using local professionals.

“James Dyson at Freeths Solicitors and Thomas Eagleton at BNP Paribas provided a first-class service following the high-quality introduction of the client to Cambridge & Counties by Paul Atkinson at Finance 4 Business.”

Paul, head of mortgages at Finance 4 Business, said it was fully immersed in the deal from start to finish and it secured the initial financing required to allow for the shareholding structure to be amended.

“Following the success of this transaction, we facilitated the drawdown of a development facility, enabling the client to deliver what is clearly a real asset to the City of Birmingham.

“After the uncertainty created by the referendum, Finance 4 Business were instructed to secure a long-term mortgage to repay the development finance facility”.

Paul added that Finance 4 Business was instructed to secure a long-term mortgage to repay the development finance facility.

“Having access to an extensive range of lenders, the client and I decided to proceed with Cambridge & Counties Bank.

“Neil Reddington and his team handled the transaction with absolute expertise and to have completed such a complex mortgage in less than two months is testament to their commerciality and can-do attitude to business.”

Stephen also praised the work done by Finance 4 Business adding: “We are eternally grateful for all of the hard work and professionalism that Paul and his team have shown.

“They have been in this from start to finish, delivering on every aspect that was required."

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