Challenger Bank North, a modern spin on SME banking, has kicked off lending with its first “regional pod” in Manchester. Bank North notes that lending is commencing following a debt facility provided by Insight Investment announced in December 2021.
Bank North received its banking license last October following a Series A funding round. Bank North has also raised capital on GrowthFunders and is currently raising capital on Crowdcube.
Bank North reports that its first loan totaled £1 million which is being used to refinance a South Manchester multi-tenanted industrial estate managed by David Samuel Properties.
Bank North states that it has been designed to deliver tailored loan facilities up to ten times faster than legacy banking firms, and its model will see it set up similar lending pods in major UK cities as the Bank expands its footprint.
These pods are home to lending specialists and decision-makers able to quickly provide credit in UK regional economies, something the bank believes has been lacking from high street providers for many years.
Bank North’s goal is to service SMEs looking to borrow between £500,000 – £5 million.
Jonathan Thompson, Bank North CEO, commented:
“This is a very significant step for Bank North, and one we take with both pride and confidence. We have assembled an expert team in our North West pod under the watchful eye of Becky Owen, and their expertise and empathy, when combined with our superior technological capability, really helps set Bank North apart. With this transaction, we have demonstrated our ability to deliver at pace, and also validated the potency of our regional model, working hand in glove with the regional specialists who came together to support this transaction.”
Becky Owen, Regional Managing Director at Bank North’s Manchester pod, thanked the Bank’s team for their work along with thanking Paul Wilcox for giving us the opportunity to put Bank North’s vision to work.
“Our local pod team make a real difference in the marketplace adding value to lending requests and using local knowledge to provide tailored lending solutions to local SME’s and investors. My experienced, networked team are truly embedded in the local communities and bring extensive knowledge of the local SME lending landscape, all helping to make our proposition market leading I am proud to be part of the Bank North team and excited to be part of the team delivering this loan facility, the first of many from our Manchester pod.”
Andrew Berkeley, Managing Director of David Samuel Properties said they are pleased to have concluded their first financing with Bank North.
