Atom bank has completed its largest ever Scottish transaction with a £5.7 million commercial mortgage in support of a Scotland-based property company.
The loan is secured against two office properties located in major Scottish cities, one in the Central Belt and the other in the Highlands.
Both assets provide high quality, multi-storey office accommodation and are multi-let, with occupiers ranging from professional services firms to national PLCs.
Atom’s appetite for supporting investors in the commercial office sector proved central to the transaction. The lender’s willingness to advance funds against market value and at a higher loan to value than many competitors was cited as a key differentiator, particularly when compared with more traditional high street lenders.
The deal was introduced and structured by Pathway Commercial Finance, the specialist commercial property broker, which worked closely with all parties to ensure the transaction completed as expected and without complication.
The transaction was overseen by Liam Brodie, regional business development manager at Atom bank, with legal work for the bank handled by Jacqui Fraser, partner at Harper McLeod LLP.
Liam Brodie, regional business development manager at Atom bank, said: “Atom bank is determined to support UK SMEs, particularly those who are underserved by larger lenders in the sector.
“We have a clear appetite for commercial property, and will look for constructive solutions to issues, rather than walking away from a deal that doesn’t fit the standard model.
“The size of this deal demonstrates the level of demand for quality commercial lending north of the border, as well as Atom’s ability to deliver on these needs.
“The combination of cutting edge technology, flexible criteria and the personal touch are what sets us apart in this market.”
Graeme Schmidt, founder of Pathway Commercial Finance, commented: “Atom bank has delivered on this transaction as anticipated and exceeded expectations.
“The approach delivered by Atom ensured that the client’s demand could be satisfied in a straightforward and timeous manner.
“The personal, relationship-based approach created the difference to ensure that the deal was concluded as anticipated and provided realistic mechanisms to ensure expectations were managed and the deal completed within the appropriate timeframe.
“We were also delighted with the approach adopted by Atom in dealing with the legal teams to ensure that the transaction concluded not only within the timeline set, but in a cost effective manner.”
