Allica Bank adds Freeths to legal panel to boost lending speed
Allica Bank has partnered with national, commercial law firm, Freeths LLP, as it continues to drive lending speed and improve transparency for brokers and SME customers.
The legal firm’s expertise and additional operational capacity will help improve lending efficiency at the bank as it aims to support UK SMEs with the funds they need to purchase or refinance commercial property and grow.
Freeths LLP is a top 45, £100m+ turnover, commercial law firm with 12 officers across the UK. The legal real estate team numbers around 150 staff, offering a real depth and breadth of expertise. The partnership forms part of Allica’s mission to listen and respond to what brokers are saying and need.
Nicola Tunney, Head of Operations at Allica Bank, say that the conveyancing portion of the broker funding journey is often where lenders fall down: “The legal part of the lending process is one of the most complex and time-consuming, which is why it is so important to us at Allica that we make it as slick as possible. Partnering with one of the UK’s leading commercial law firms gives us significant additional capacity to manage the pipeline, keep brokers well informed and drive completion volumes.” she says.
“We are delighted to be working with a firm whose values and commercial pragmatism are aligned so closely with our own, and one that is committed to delivering a fast and effective service to our broker partners. This move, along with other recent enhancements to our operational processes, will ensure that brokers can remain confident of top-quality end-to-end service across the entire loan journey.”
Real Estate Partner at Freeths, Jon Smart said, “We are delighted to have been appointed by Allica. Our personalities and ethos are a great match. Real Estate Partner, Lucy Bradban, and I will lead our cross office team. We are relishing the prospect of helping the bank in its next phase of expansion”.
The appointment coincides with a decision to further increase its commercial mortgage maximum loan size from £3 million to £5 million following feedback and requests from brokers. Allica’s maximum asset finance loan has also been increased from £250,000 to £500,000. The bank says it has a joint mission with brokers to help more SMEs gain access to the finance they need to grow, and this is part of an ongoing journey to expand its broker proposition in the UK.
More in Solicitors
Welcome to our new Consultant Solicitor Simone Brown
BH&O are thrilled to welcome Simone to the team this week. She comes to us fresh from working with the Joint Legal Team in Reading and Berkshire Councils, where she was specialising in childcare and child protection and adoption work, but before that she had worked at a number of firms undertaking matrimonial finance and private children work.
Gardner Leader hosts International Women’s Day event
In support of the charity Maths4Girls, Gardner Leader hosted an inspirational morning in Oxford in partnership with Critchleys
Mills & Reeve welcomes new IP and ESG partner set to...
Alex Woolgar joins Mills & Reeve’s Oxford office to support innovative businesses in all stages of growth.
From this author
Top 50 law firm Freeths announces B Corp accreditation
Freeths is proud to announce that as part of its ongoing commitment to sustainability and its wider ESG strategy it is now a certified B Corporation (“B Corp”).
Freeths Strengthens Employment, Pensions and Immigration Team with Eight New Lawyers
National leading law firm, Freeths LLP, has announced eight new appointments across its highly successful Employment, Pensions and Immigration practice led by Rena Magdani, as it continues to achieve outstanding record growth.
Freeths strengthen Employment offering with strategic appointment
National law firm Freeths has appointed Nicola Wallbank to head up the firm’s Oxford employment practice. Nicola joins from Julian Taylor Solicitors.