Step-change in growth at GB Bank following major investment
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Big changes – GB Bank chairman Mark Sismey-Durrant .
Step-change in growth at GB Bank following major investment
It ’ s all change at specialist property finance bank GB Bank after securing new investment that is transforming its operations . In May , the bank , which specialises in funding property projects for SME property developers and investors , received a significant boost with an £ 85m investment . This funding came from new investor Hera Holdings and a follow-on investment from existing shareholder , the Teesside Pension Fund .
Hera Holdings is privately owned by experienced finance and property entrepreneur Sameer Gehlaut , who has a successful portfolio of real estate and financial services investments in the UK . Sameer , as executive chairman of one of the public companies he founded in India , led an investment of $ 100m in OakNorth Bank for a controlling stake of 40 per cent in 2015 .
This investment is allowing GB Bank to further expand its capabilities and support property development and regeneration projects throughout the UK .
Accelerating future success The expansion has seen GB Bank rapidly grow its lending capabilities to offer funding of up to £ 10m per project and up to 80 per cent loan to value ( LTV ) ratio . There is also the opportunity for larger funding options for clients who meet selected criteria .
The investment is bringing extensive growth for its specialist buy to let and residential finance solutions with an increase in loan size , offering capital and interest or interest only options and expanding its customer base to welcome foreign nationals , expats and portfolio landlords .
Capital move Just a month after this new investment was secured , GB Bank added to its office in Middlesbrough with a new office in London ’ s Mayfair .
This strategic expansion marked GB Bank ’ s arrival in the capital and strengthened and underlined its commitment to becoming a key player in the thriving London and South-East property sector .
Mark Sismey-Durrant , chairman of GB Bank , said : “ The opening of our London office is a significant milestone for GB Bank . This expansion allows us to serve the entire UK market even more effectively while delivering on our vision of becoming the leading nationwide property finance provider .
“ Since securing our full banking licence in 2022 , we have been successfully delivering property finance solutions across the UK with exceptional communication and rapid turnaround times .
“ Our new office gives us a great base to bring our flexible approach to the London market .
“ We pride ourselves on playing an active role within local property markets so we are now looking forward to partnering with local developers and investors in and around the capital on their upcoming projects .”
New recruits on board Alongside the new investment and the opening of its London office , GB Bank has also been embarking on a major recruitment drive .
The bank has already made major progress towards its target of doubling the size of its workforce by May 2025 to keep pace with the expansion of its lending portfolio .
A raft of new starters have joined GB Bank over the last three months , particularly in the bank ’ s lending and completions teams , as it maintains and enhances its reputation for delivering finance with speed , flexibility and exemplary customer service .
Largest loan to date GB Bank ’ s progress was underlined in July when the bank completed its largest loan to date , a £ 12m specialist residential funding solution for Savoy Projects LLP .
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The transaction , named Savoy Place , marked a significant milestone for the bank and demonstrated its ability to complete high-value deals in tight timeframes .
The loan will be used to refinance the development of a 62-apartment complex in Farnborough , Hampshire .
Despite the tight timeframe required by the borrower , who had been let down by a previous lender , GB Bank was able to complete the transaction in just 12 working days from initial enquiry to drawdown . Ankush Sehgal , partner at Savoy Projects , said : “ GB Bank ’ s speed and flexibility were crucial in completing this transaction , particularly after facing challenges with our previous lender .
“ We will certainly be back in touch with GB Bank for any future funding requirements .”
Pankaj Thukral , chief lending officer at GB Bank , added : “ This deal highlights our ability to move quickly and decisively to support our customers . By working seamlessly across multiple teams , we were able to deliver a swift and efficient service for Savoy Projects .”
Unchanging commitment to customers The rapid progress made is a tribute to the whole team at GB Bank .
While there have been major changes recently , one thing that has stayed the same is the bank ’ s exceptional customer service , its efficiency and quick turnaround times .
As GB Bank has grown , its flexibility and commitment to finding a solution to its customers ’ needs has also remained unchanged .
The GB Bank team know from experience that when it comes to finance solutions for property investors and developers , one size doesn ’ t fit all . That ’ s why they always fit their solutions around customer needs rather than providing off the shelf , inflexible products .
As GB Bank continues to expand , ensuring that it meets and exceeds the expectations of its customers will always remain uppermost in the minds of the team .
GB Bank offers flexible property lending solutions up to £ 10m as well as the capacity to offer larger loan amounts for clients who meet selected criteria .
The bank welcome conversations around future opportunities , so visit gbbank . co . uk to find out more .
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