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Wednesday, April 24, 2019

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Redwood Bank set to launch a broker portal in Q2

Theo Osborn | 09:00 Wednesday 3rd April 2019

Redwood Bank has revealed that it expects to lend over £100m in 2019 and launch a broker portal by the end of Q2.

The specialist bank has provided over £100m in loans to date and has around £130m of deposits.

Gary Wilkinson, CEO at Redwood Bank (pictured above), revealed to Specialist Banking that the bank would remain a niche lender over the next five years.

While its focus will be on secured property lending, Gary said that there would be some other assets that it would consider in terms of diversifying.

“I think it's important to diversify, particularly [with] the uncertainty that we're currently facing [in] the current economic environment.”

Gary told Specialist Banking that it would be launching a broker portal for its panel of brokers by the end of Q2 2019.

Currently, brokers send applications to Redwood via email and the specialist bank’s business development team has to input that into its standard documentation on its system.

The portal is expected to ease the administrative burden for the bank.

“But it will also benefit the broker in that they will then be able to — at any time — access the system and see the status of that deal, as it goes through the various stages of BDM application, underwriting, credit committee, what's outstanding from the following approval to drawdown itself.”

He added that the bank was very keen on making the time from approval to drawdown as fast as possible.

“It's not in our interest, it's not in the broker’s interest, it's not in the customer’s interest for that period to be prolonged.”

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