Bank North commences lending in the North West
By Joy Dumasia
Bank North, the UK’s first genuinely regional business bank of the modern era, has commenced lending from its first regional pod in Manchester, hot on the heels of signing a debt facility with Insight Investment in December 2021.
The £1 million loans have been used to refinance a South Manchester multi-tenanted industrial estate home to various businesses, all playing their part in supporting a vibrant regional economy. David Samuel Properties manage the estate, and the loan opportunity was introduced to Bank North by Paul Wilcox at GDP Funding.
This is the first loan delivered through the bank’s Manchester lending pod, where the team of lending experts are now supporting business across the North West region. It was structured and delivered jointly by Michael Thompson and Darren Switzer, two highly experienced banking professionals, and is a good example of the speed and flexibility of delivery that borrowers can expect from the recently licenced SME Bank.
Bank North has been designed to deliver tailored loan facilities up to ten times faster than the banking establishment. Its model will see it set up similar lending pods in major UK cities as the bank expands its footprint. Its pods house lending specialists and decision-makers, placing expert knowledge and expertise in the heart of UK regional economies, something the bank believes has been lacking from high street providers for many years.
Jonathan Thompson, Bank North CEO, said: “This is a very significant step for Bank North, and one we take with both pride and confidence. We have assembled an expert team in our North West pod under the watchful eye of Becky Owen, and their expertise and empathy, when combined with our superior technological capability, really helps set Bank North apart. With this transaction, we have demonstrated our ability to deliver at pace and also validated the potency of our regional model, working hand in glove with the regional specialists who came together to support this transaction.”
Becky Owen, Regional Managing Director at Bank North’s Manchester pod, said: “I would like to thank the Bank North team for their tireless work and Paul Wilcox for giving us the opportunity to put Bank North’s vision to work. Our local pod team make a real difference in the marketplace adding value to lending requests and using local knowledge to provide tailored lending solutions to local SME’s and investors. My experienced, networked team are truly embedded in the local communities and bring extensive knowledge of the local SME lending landscape, all helping to make our proposition market-leading I am proud to be part of the Bank North team and excited to be part of the team delivering this loan facility, the first of many from our Manchester pod.”
Andrew Berkeley, Managing Director of David Samuel Properties, said: “David Samuel Properties are pleased to have concluded our first financing with Bank North, who have been professional and commercial throughout the process. We are excited about working with the Bank North team on future transactions.”
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