Redwood Bank has completed a £1,009,800 refinance of a Scottish new-build residential portfolio in the first transaction through its new loan processing platform.
The specialist lender provided the facility to AK Properties against a portfolio valued at £1,385,970.
The transaction completed in just over a month, with Redwood citing its manual underwriting approach and enhanced digital processing as factors in maintaining progress from initial enquiry to completion.
The platform operates behind the scenes to support key stages of the lending process, with the lender saying it is designed to improve consistency, responsiveness and turnaround times while retaining a relationship-led approach.
David Kennedy, chief operating officer at Redwood Bank, says: “Tech only matters if it improves outcomes for brokers and borrowers. This deal is a clear example of that in practice.
“By enhancing the way we process and progress cases behind the scenes, we’ve been able to reduce friction, respond faster and keep momentum through the lifecycle of the transaction, without changing the personal service brokers expect from us.
“In a market where speed and certainty can determine whether a deal completes, that combination is critical.”
The case was introduced by DMK Finance, with Redwood working with Donna Kerr, managing director, and Graham Reid, director.
Kerr says: “What we achieved is market leading and one that few funders or brokers could construct. The service that Redwood provided personally is excellent.
“Aidan King at AK Properties is exactly the type of young entrepreneur that we want to get behind, using our expertise to support.”
Redwood approved the loan at 72.85% LTV on a long-term interest-only basis, committed for 30 years with the first five years fixed.
Redwood’s Green Reward Cashback was also paid directly to the borrower on completion because of the property’s EPC rating.
Aidan King, director at AK Properties, adds: “We required a lender who could understand the nuances of our portfolio and move at speed. Redwood took a commercial view throughout and provided confidence at every stage, with incredible pace and commerciality from underwriters to support.
“I am delighted that Redwood engaged directly to discuss the transaction and risks and supported us throughout. The process was straightforward and the terms give us long-term stability to continue growing our portfolio.”
