Atom bank has completed a large commercial mortgage refinance for a chain of hotels in 11 weeks.
The borrower owns a chain of quality hotels in central London and needed to refinance their existing arrangements.
Their broker, Dominic Williams, regional director at ASC Finance for Business, brought the case to Atom bank following a recommendation from a colleague. The bank said it was able to deliver a better rate than any quoted by rival lenders, with the eventual offered rate after underwriter assessment being lower than the rate initially quoted.
The loan of £6.251 million has been taken out over a five-year term, with a rate of 5.90%, and a loan to value (LTV) of 49.5%.
It was turned around within 11 weeks, assisted by Atom bank’s use of dual representation on appropriate commercial cases. The broker praised the work of Charlotte Orr, Commercial Property solicitor at Square One Law, who worked on the case, for their support in ensuring things moved “smoothly and at a fair price”.
Dominic Williams, regional director at ASC Finance for Business, said: “This was my first experience of using Atom bank, but it certainly won’t be the last. The whole journey was outstanding. I was particularly impressed with the ability to use the Quick Quote tool to test different permutations, while the fact that the client was able to make use of ‘live rates’ meant they received a much better deal.
“It is clear that Atom bank has thought long and hard about what brokers and business borrowers really need. The ability for brokers to instruct valuations is sensible and pragmatic, and in this case saved my client both time and money. The level of communication was also excellent, as I was kept in the loop throughout and able to help keep the case progressing. I have already placed further cases with Atom bank, and look forward to working with them in the future.”
Neil Findlay (pictured), regional business development manager at Atom bank, added: “It’s always incredibly satisfying to deliver such an excellent experience for brokers new to Atom bank. That Dominic has gone on to place further cases with us, and become an advocate for our service, shows the impact of building strong relationships with brokers.
“Our combination of nimble, bespoke pricing, a slick process and outstanding communication has helped us build a great reputation in the commercial mortgage space, culminating in us doing more business than ever this year.
“We are determined to continue delivering for businesses across the UK, whether on purchases or refinances, to help them invest and reach their growth ambitions.”
