Cambridge & Counties has backed a property investor looking to expand with a £3.3m loan.
The property finance bank provided the loan to Baylor Julian’s innovative business which uses shipping containers for business start-ups and retailers in Newquay.
RT Julian & Son will use the funds to refinance and release equity on two sites in the town to clear existing finance from several lenders.
The refinancing will enable Baylor to continue to invest in Prow Park, a key site in his portfolio.
“Cambridge & Counties Bank has done what no other lender would,” said Baylor.
“What excited me about the bank was how keen it has been.
“When you talk to most banks, if it’s not a ‘normal’ proposition they don’t want to know.”
Baylor’s business offers affordable office accommodation and storage to small businesses in converted shipping containers.
He hopes to double the number of units on the 10-acre site and add innovative and affordable live/work units.
“What we have got is unique in the UK,” added Baylor.
“When we got in touch with Cambridge & Counties, they were straight down here to look around and were more than keen to move it forward.
“It’s refreshing to meet a bank that admires what we have done and is willing to help us do more.”
Paul Howard, director of business development for Cambridge & Counties in the South West and Wales, said it was delighted to be backing Baylor.
“We’re always keen to explore opportunities that fall outside the narrow confines restricting traditional lenders.
“Baylor’s vision is impressive and the potential is boundless.”
Baylor was advised by law firm Murrell Associates and Rebecca Dixon, associate at the firm, added: “We were able to complete the transaction in a timely and efficient manner thanks to the proactive and commercial approach of Cambridge & Counties Bank and all the professionals involved.”
Looking to the future, Baylor added: “It has taken me five years to get to where we are today and with Cambridge & Counties Bank’s help we can now double in size in the next 12 months.
“Without Cambridge & Counties seeing the potential I don’t know how else we could do that.”
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