Atom Bank Delivers £3.2m Facility to Support Refinancing of Distillery Premises

Atom bank, the UK’s highest ranked bank on Trustpilot, has provided a £3.2 million facility to allow a landlord to refinance an industrial unit incorporating a distillery in Worcestershire.

Broker-led approach to refinancing

The client approached their broker, Michelle Mackenzie-Cooper and Shahjahan Alam at Mortgage and Finance Arena, to discuss their refinancing needs, while also contacting their own bank to see if the funding could be obtained directly.

Background to the property and existing finance

The industrial unit was purchased during the pandemic but due to delays, building only commenced in early 2024 and the current lender agreed to a development loan on the basis of pre-let. The unit is currently leased to a distillery producing beer, wine, and a range of spirits. However, the existing finance deal was nearing maturity.

Why Atom bank was selected

After reviewing the whole market, the broker determined that Atom bank was the best option. Key to the deal was Atom bank’s ability to lend at market value, while other lenders would only lend based on vacant possession. This flexibility allowed the borrower to raise a higher sum, and achieve their refinancing objectives. 

A long-standing broker relationship

Atom bank and Mortgage and Finance Arena have enjoyed a lengthy relationship, with the broker being one of the first to be added to Atom’s panel when the bank entered the commercial lending space.

Speed and delivery under pressure

The broker praised Atom bank for its speed in handling the case, noting that both the Agreement in Principle and approval of the application were delivered extremely quickly, while pointing out that improvements to Atom bank’s broker portal have made it faster and more intuitive. 

That speed is all the more notable given the complications involved with the case, including the expiry of the valuation and delays from local councils in signing off aspects of the deal.