Atom bank has provided a £1m commercial loan for Hampshire-based classic cars restoration and maintenance specialist Bill Rawles Classic Cars.

The intermediary-only lender was approached after the firm was rejected by a host of high-street lenders after being incorrectly classified as ‘motor trade’ rather than identifying its individual merits as a trading business. Atom looked beyond this and sought to understand the true nature of the business.

Following an introduction by Tamara Renshaw at Productivity Finance and a careful assessment of performance, business pipelines and projections, a £1,063,125 loan was agreed, representing a loan to value (LTV) of 56% over the site premises. The five-year, fixed rate loan came complete with a 25-year repayment profile.

Refinancing was sought to exit an existing commercial mortgage for a fixed rate product, after several interest rate increases made monthly repayments unaffordable. This would ultimately support the generation of additional cash flow and the confidence to build a stronger platform for future growth. The original funds were used to purchase a new, larger site on which to trade, also offering the potential of further development.

Jack Rawles, sales & marketing director at Bill Rawles Classic Cars, said: “This is a loan that will offer us a massive amount of stability over the next five years, meaning we can now focus more of our energy on growing the business.

“As a business owner, we simply did not have the time and tenacity to manage this ourselves, so having a broker like Tamara in our corner really helped our funding journey.

“The process of refinancing with Atom through a broker was far more straightforward than our previous loan. We really appreciated the flexibility on offer, and that all-important personal touch where we could sit down with the Atom BDM and Tamara, who demonstrated a real interest and understanding of the business. I hope this marks the beginning of a long and fruitful relationship.”

David Castling, head of intermediaries at Atom bank, added: “This case is a prime example of a forward-thinking family business with a loyal customer base who has grown organically over the years. They required some additional funding and support to help facilitate their longer-term growth plans.

“Unfortunately, we are seeing all too many cases of such firms being rejected by high-street lenders, who don’t have the time or inclination to really get to know the ins and outs of the business and dig a little deeper into their pipelines, projections, and performance, pre- and post-covid.

“Alongside our BDM and underwriting team, Tamara played a key role in supporting this case from introduction through to completion, and we are looking forward to seeing how our funding can further transform this fantastic business.”

Tamara Renshaw, commercial finance broker at Productivity Finance, said: “Atom bank is building an impressive reputation within the broker community, and this is clearly demonstrated in both its technology and the quality of its people at every stage of the transaction.

“Sector specific credit policies should be subject to interpretation and not just viewed as black or white. That is exactly what Atom did, they asked a few more questions to understand the true nature of the business which other lenders hadn’t been prepared to do.”

“From the initial enquiry stage through to being able to actually build a relationship with a dedicated underwriter, I found them to be highly professional, responsive, and flexible in their approach. All of which culminated in the most important thing — a very happy client.”