Sterling PF advises on Redwood’s largest deal

It is the largest deal carried out to date by the Hertfordshire-based challenger bank.

The loan was brokered by Sterling Professional Finance.

Entrepreneur Deepak Mohindra approached the bank to fund the conversion of his existing retail premises into a number of small rental units, as well as a large refurbishment project involving turning a former restaurant into retail premises and flats.

An initial £2.6m was agreed four working days after the original application. The second loan, for a further £3.2m, was then agreed two days after it was submitted.

Gary Wilkinson, chief executive and co-founder of Redwood Bank (pictured), said: “Deepak came to us because the more traditional high street banks were not prepared to fund the conversion. But we listened to his proposal and because we are flexible and versatile, we were able to move swiftly.

“Having seen the quality of the property and the demand in the local area the project seemed like a great idea.

“In addition, we were fully satisfied with Mr Mohindra’s capability to move the business forward, which is why we approved the loan, making it Redwood’s largest ever lending deal.”

Sterling Professional Finance regional director Sanjay Rughani, said: “While there were complexities in the funding which was required by Damini’s, we needed a lender that could understand them, and be able to progress matters.

“Following a meeting with Deepak by John Hall and Graham Reynolds at the site, it was evident they understood the proposition. This provided Manish, Deepak and I comfort that they could execute it in a timely manner, it also meant the covenants wouldn’t be onerous.

“John and Graham were also able to get the Redwood credit team to buy into the proposition. It’s the relationship we have built with Redwood that has allowed us to work closely with them.”