Commercial Finance
Redwood Bank opens Letchworth headquarters
New business bank Redwood has opened its headquarters in Letchworth, Hertfordshire.
The decision makes it the only bank headquartered in the county.
Launched in August, the bank aims to offer an alternative for small and medium-sized organisations and is initially targeting customers in Hertfordshire, Bedfordshire and Buckinghamshire.
Redwood provides loans to business owners, secured on their commercial property, together with loans to professional landlords, secured on their residential or commercial investment properties.
It will lend between £50,000 and £1.5m up to 70% loan to value (LTV) and requires net rental income to cover at least 130% of monthly repayments.
In addition, it has launched a range of savings accounts for businesses and other organisations.
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At the bank’s official launch event in Letchworth this week, chief executive and co-founder Gary Wilkinson said: “We are both delighted and proud to now be open for business and to have our HQ here in Letchworth. So far, we have recruited more than thirty people into our Letchworth team.”
Redwood Bank was founded by Gary Wilkinson and Jonathan Rowland. It is wholly-owned by Redwood Financial Partners Ltd, a company controlled by Jonathan and David Rowland, in which Warrington Borough Council has a one-third stake.
As well as the Letchworth HQ, the bank also has a small office in Warrington to serve North West SME customers.