David Castling from Atom Bank expresses how their dedicated approach to lending enabled a real estate firm to save a substantial amount of money, emphasizing the uniqueness of their service.
In less than three weeks after the formal approval of their credit, the client was positioned to save up to £375,000 against a previous loan offer through the broker’s new connection with Atom Bank.
The company had an existing £1.65 million loan with a high street bank that was nearing its end and they needed funds for additional Edinburgh properties, which their bank wasn’t prepared to assist with unless significant extra capital was provided.
An offer from a different broker involved a bank offering the full amount needed for these new purchases and to refinance the existing debt at a fixed rate of 8.25% per year for five years, along with additional specific conditions.
However, Andrew Mackenzie of Veritas Property Finance in Edinburgh believed a better deal was achievable and reached out to Liam Brodie at Atom bank, along with other lenders, after the first loan offer was made.
Atom bank presented an optimal solution with a five-year £3.7 million loan at a 6.30% fixed interest rate to cover both the refinancing and the purchase of five properties. The client also needed to contribute less than £50,000 in equity for a 50% loan to value ratio.
Atom Bank not only offered the best rates but also showed exceptional efficiency. Working closely with the broker, solicitors (Keith Dunlop at Ennova Law spearheading dual representation), and evaluators, they managed to move the case forward within a three-week period.
David Castling, Head of Intermediaries at Atom bank, highlights the case as an example of the different service levels available in the market and the significant savings possible with the right lender. Atom bank’s agility and competitive pricing stood out, and Castling takes pride in the team’s ability to execute such deals promptly.
Andrew Mackenzie adds praise for Atom bank’s commitment and superb handling of the substantial refinancing and purchase agreement. He notes the customer’s satisfaction and potential plans for future business with the bank. He recognizes the excellent efforts of the internal teams at Atom bank that allowed for the speedy completion of the transaction.
