"It’s always incredibly satisfying to deliver such an excellent experience for brokers new to Atom bank"
- Neil Findlay - Atom bank
Atom bank has announced that it has completed a large commercial mortgage refinance for a chain of hotels within just 11 weeks.
Broker, Dominic Williams, Regional Director at ASC Finance for Business, brought the case to Atom bank following a recommendation from a colleague who had described the bank as ‘forward-thinking’. Atom bank 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 5-year term. Not only was the rate of 5.90%, at an LTV of 49.5%, more competitive than those quoted by other lenders, the finance was also delivered incredibly quickly, within just 11 weeks.
The turnaround was boosted 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.
Brokers can utilise the Atom bank Quick Quote tool in order to obtain an indicative quote for their clients. Business borrowers with Atom bank then benefit from bespoke rates, based on their individual status and circumstances.
In this case, the ability to utilise the Quick Quote tool, as well as for the broker to instruct the valuation themselves, were highlighted by Dominic Williams as having contributed to the outstanding turnaround time and prompt completion.
Agreements in Principle are currently provided on average within just one working day of receiving a fully packaged application, while cases take an average of 10 working days to move from the acceptance of the AIP to the issuing of an offer.
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, 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.”
