Atom bank completes £1m commercial property deal
![](https://investmoneyuk.com/wp-content/uploads/2024/05/edinburgh-765x470.jpg)
Atom bank has completed a £1.06 million commercial mortgage in Scotland, with the broker involved calling it a ‘seamless’ experience.
The client wanted to refinance an existing commercial mortgage held against a restaurant in the centre of Edinburgh, as well as raise funds for a further investment purchase.
The restaurant is situated in the middle of an area popular with tourists, delivering great returns for the owners, and is let out on a long-term contract at a strong rent.
The broker, Scott Cowan, director of Veritas Property Finance, brought the case to Atom bank as he believed Atom could offer a better rate than the existing lender.
Atom bank was able to provide a loan of £1.06 million at a rate of 6.96% across a five-year commitment term at a loan to value (LTV) of 62%. Working alongside their appointed solicitors on the case, Ennova Law, Atom bank ensured that the deal moved from application to drawdown in under seven weeks.
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.”
Source link