Gary Wilkinson

Redwood Bank completes its largest deal

Redwood Bank still has a ‘strong appetite to lend’ to support SMEs amid Covid-19 uncertainty, following the completion of its largest lending deal worth £5.8m.

The challenger bank is considering and offering requests for payment holidays to existing customers, both capital and interest.

The bank has introduced desktop valuations for all newly secured property business loans, as a temporary measure.

Redwood is still offering market-leading business notice and bond savings products, including:

  • a 35-day business savings notice account at a rate of 1.20%

  • a 95-day business savings notice account at a rate of 1.55%

  • a 1-year Business Savings Bond paying 1.62%

There are no current plans to furlough any of Redwood’s staff.

Gary Wilkinson, CEO and co-founder at Redwood Bank (pictured above), said: “We are passionate about supporting British businesses and even more keen on helping them navigate this ever-changing and increasingly challenging financial and business landscape.

“Having recently completed our largest ever single lending deal of £5.8 million, we believe this speaks for itself in demonstrating that Redwood continues to be a reliable source of finance for professional landlords and business owners.

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