Redwood Bank, a small business lender, has completed its ‘mobilisation’ phase and is open for business after securing its initial banking licence in April this year.
The lender, which has a 100 percent cloud-based infrastructure, offers mortgages for business owners, as well as for commercial property owners.
The bank is owned by Redwood Financial Partners (RFP), which is controlled by Tory donor David Rowland and his son Jonathan. Warrington Borough Council also owns a 33 percent stake in RFP.
Co-founder and chief executive Gary Wilkinson said “As many traditional banks are hampered by poor lending practices from their past and their legacy systems, we are perfectly positioned to help British SMEs take advantage of property opportunities by offering a highly tailored service for clients.”