Members of the panel will have access to the bank's system and broker portal, where they will be able to submit applications straight through to its banking system, rather than submitting a manual application form.

Speaking exclusively to Specialist Banking, Gary Wilkinson, CEO at Redwood Bank (pictured above, left), said: “…Our business development team is going out and meeting brokers and we're putting together the panel.

“So, at the minute, it's [about] going out into the market and seeing who's there and who we want to deal with and we'll only deal with a broker [having] done sufficient due diligence to make sure that they share the same values and the same customer ethos as we do.”

Gary stated that the bank wouldn't just use any broker for any loan.

Instead, it would make sure that it was happy with what the brokers do and how they deal with the customers.

“The first thing we'd do is make sure we're happy with the broker.”

Redwood Bank expected the process of selecting its panel to take four to six months.

The business bank launched in August, and offers business savings accounts, mortgages for business owners and mortgages for professional landlords.

The bank has a unique ownership model in which Warrington Borough Council has a 33% stake in the company.

The council also announced a £30m investment in the business.

Gary added: “…[The panel] helps them [the brokers] and it [helps] us in the processing, and increases the speed, and one of the key things for us is speed.

“And it's about time we recognised the time of the customer as being a key resource that we need to not waste, and make sure that we give a decision as quickly as we can and only draw down that loan as quickly as we can.

“It helps them take advantage of an opportunity that often doesn't stay around that long.

“So, we're all about agility, speed, efficiency and that [is] something that we will make sure that the brokers that we choose to deal with, that if they don't operate [in] the same manner, then we won't use them again.”