A specialist lender has completed a refinance of a Scottish property portfolio in the first transaction through its new loan processing platform.
Redwood Bank successfully delivered a £1,009,800 loan for AK Properties’ portfolio of new-build residential properties, valued at £1,385,970, demonstrating how its investment in technology is delivering faster decisions, smoother execution and greater certainty for brokers and borrowers.
The transaction completed in just over a month, with Redwood’s manual underwriting approach and enhanced digital processing helping to maintain momentum from initial enquiry through to completion.
The new platform works behind the scenes to accelerate key stages of the lending journey, improving consistency, responsiveness and turnaround times while maintaining Redwood’s relationship-led approach.
David Kennedy, chief operating officer at Redwood Bank, said: “Tech only matters if it improves outcomes for brokers and borrowers. This deal is a clear example of that in practice.
“By enhancing the way we process and progress cases behind the scenes, we’ve been able to reduce friction, respond faster and keep momentum through the lifecycle of the transaction, without changing the personal service brokers expect from us.
“In a market where speed and certainty can determine whether a deal completes, that combination is critical.”
The transaction was introduced via long-standing broker partner DMK Finance, with Redwood working closely with Donna Kerr, managing director, and Graham Reid, director, throughout the process.
Donna said: “What we achieved is market leading and one that few funders or brokers could construct. The service that Redwood provided personally is excellent. Aidan King at AK Properties is exactly the type of young entrepreneur that we want to get behind, using our expertise to support.”
Redwood approved the loan at 72.85 per cent LTV on a long-term interest only loan, committed for 30 years with the first five years fixed. Due to the property’s EPC rating, Redwood’s Green Reward Cashback was also paid directly to the borrower on completion.
Aidan King, director at AK Properties, said: “We required a lender who could understand the nuances of our portfolio and move at speed. Redwood took a commercial view throughout and provided confidence at every stage, with incredible pace and commerciality from underwriters to support.
“I am delighted that Redwood engaged directly to discuss the transaction and risks and supported us throughout. The process was straightforward and the terms give us long-term stability to continue growing our portfolio.”
Read the orginal article: https://ffnews.com/newsarticle/funding/redwood-delivers-1m-scottish-portfolio-refinance-through-new-digital-platform/
