Redwood Bank has opened its doors with SME Secured Mortgages for business owners as well as experienced commercial and residential real estate investors.
The bank offers commercial mortgages between £ 50,000 and £ 1.5million for business owners and professional owners, secured on the property. Interest-only options are available, while applicants have a choice of fixed and variable rates.
Redwood, which got a banking license four months ago, claims to be the first merchant bank to run 100% on cloud-based infrastructure.
Nucleus: the north-south divide exacerbated by COVID
Gary Wilkinson, Co-Founder and Managing Director of Redwood Bank, said: “As many traditional banks are hampered by the bad lending practices of their past and legacy systems, we are uniquely positioned to help UK SMEs pull through. capitalized on real estate opportunities by offering a tailor-made service for clients that revolves around our highly experienced regional managers.
The bank also provides business deposit accounts, which will include deposits from clubs, charities and associations.
Redwood is owned by Redwood Financial Partners, a company controlled by Jonathan and David Rowland, in which Warrington Borough Council has a 33% stake.
The board’s board of directors has approved a £ 30million investment in Redwood as part of the bank’s capital financing.
The bank is headquartered in Letchworth, Hertfordshire and has a regional office in Warrington.
It will initially focus on loans in Hertfordshire, Bedfordshire, Buckinghamshire and Warrington.