Atom bank has delivered a £3.2 million refinancing facility for a landlord seeking to refinance an industrial unit in Worcestershire that incorporates a distillery producing beer, wine and spirits.
The client initially explored options both through their broker, Mortgage and Finance Arena, and directly with their existing bank as the current finance deal approached maturity.
The unit had been purchased during the pandemic, but construction began only in early 2024 after delays. The previous lender had provided a development loan on a pre-let basis and the site is now fully leased to the distillery operator.
With the existing loan nearing expiry, the borrower required a new facility to secure the long-term viability of the investment.
After assessing options across the market, the broker team of Michelle Mackenzie-Cooper and Shahjahan Alam identified Atom bank as the most suitable lender.
A key factor was Atom’s ability to lend against market value rather than vacant possession value, enabling a higher level of borrowing and helping the client meet their refinancing objectives.
The deal builds on a long-standing working relationship between Atom bank and Mortgage and Finance Arena, one of the first brokers added to Atom’s panel when the bank entered commercial lending.
SPEED AND FLEXIBILITY
The broker praised Atom bank for the speed of its process, noting that both the Agreement in Principle and application approval were issued quickly. They also highlighted recent improvements to Atom’s broker portal, describing it as faster and more intuitive.
This pace was notable given several complications, including an expiring valuation and delays from local councils in approving elements of the transaction. Atom bank’s willingness to work through these challenges, the broker said, distinguished it from lenders that rely strictly on process and are slower to engage with complex cases.
Spencer Ford (pictured), regional business development manager at Atom bank, commented: “This was not a straightforward case, with potential issues around the tenant restructuring and the valuation expiring.
“Yet the team pulled together to deliver the funding needed and set the client up for success in the future.”
He added: “The willingness to get into the details of an individual case, and really get to know the business involved, is a key differentiator for us and a big reason why so many brokers are bringing their commercial mortgage cases to Atom.”
DIRECT ACCESS TO UNDERWRITERS
Shahjahan Alam, commercial finance manager at Mortgage and Finance Arena, said: “I’ve worked with Atom, and Spencer in particular, previously and that personal relationship is crucial. I know Spencer will live up to his word, and that I’ll be able to talk the deal through with an underwriter.”
He added: “There were complications with this case, such as needing to extend the valuation and the tenants restructuring their business, which may have derailed it with other lenders. However, because Atom allowed us to discuss the details directly with the underwriter, we could talk through those issues clearly and deliver a great outcome to the client.”
