Challenger bank completes its largest loan deal with student accommodation scheme
A BIRMINGHAM challenger bank has completed its biggest loan to date with the £7.7m funding of a student accommodation scheme.
Cambridge & Counties’ West Midlands office has backed a scheme which will see the conversion of City Edge, the newly opened student apartments on Hagley Road in a former office building designed by renowned Brutalist architect John Madin – the man who also designed the former Birmingham Central Library, now torn down to make way for the Paradise redevelopment.
The 136 high-spec studios at City Edge are fully occupied for the current academic year.
Cambridge & Counties Bank, which began lending in 2012 and opened its Birmingham office at Colmore Plaza in March 2016, worked with local advisers from Freeths and BNP Paribas on the deal.
The customer, Hagley Road Properties, was introduced to Cambridge & Counties by Kingsbury-based Finance 4 Business (F4B), which worked closely with the bank throughout the process. The loan was approved and drawn down in just eight weeks.
Hagley Road Properties is owned by Shaylor Holdings. Shaylor Group, national principal contractors, headquartered in Aldridge, carried out the conversion and extension of the building.
Shaylor Group chief executive officer Stephen Shaylor said: “We enjoyed the way Cambridge & Counties Bank ensured the lend was a relatively quick process, working closely and diligently with our team and the various advisors. They also demonstrated flexibility along with excellent communication skills.
“To be able to play a significant part in bringing a John Madin building, one of our city’s most influential post-war architects and planners, back into use is an incredible achievement and one we are very proud of.”
Neil Reddington, Cambridge & Counties director of business development for the West Midlands, said: “The West Midlands Cambridge & Counties team is very proud that this deal – the bank’s biggest to date – was led from Birmingham, using Birmingham professionals, for an important addition to the burgeoning student accommodation market in the city.
“James Dyson at Freeths Solicitors and Thomas Eagleton at BNP Paribas provided a first-class service following the high quality introduction of the client to Cambridge & Counties by Paul Atkinson at Finance 4 Business.”
Paul Atkinson, head of mortgages at Finance 4 Business, said: “F4B were instructed to secure a long-term mortgage to repay the development finance facility. Having access to an extensive range of lenders, the client and I decided to proceed with Cambridge & Counties Bank.
“Neil Reddington and his team handled the transaction with absolute expertise and to have completed such a complex mortgage in less than two months is testament to their commerciality and can-do attitude to business.”
