GB Bank ‘delivers on its purpose’ with over £6m invested in North East heartland

The North East’s newest bank has been putting its purpose-driven values into action with over £6m worth of investments in its regional heartland in the past year.

GB Bank, which is based in Middlesbrough, received its full banking licence in August 2022. Since then, the Bank has been delivering on its promises of building and regenerating commercial and residential properties in local communities right across the region.

The Bank has backed experienced SME property developers and investors by funding residential and commercial projects everywhere from Morpeth to Bishop Auckland, providing over £6m worth of ‘vital’ approved finance to help kick-start or refurbish developments.

The North East investments form part of almost £60m of approved lending across the country and over £32m of new loans out of the door over the past 10 months.

GB Bank CEO and co-founder, Stephen Lancaster, commented: “When we started the Bank, we said it was driven by its purpose: to build better futures for the communities who need it most.

“Just over a year into our life as a fully licensed bank, I’m delighted to say that thanks to the hard work of our fantastic team and the vision and determination of our customers, we are helping to do exactly that. Our key focus is to provide lending solutions to help bring much needed community developments to life.

“This has been the case with our lending in the North East and throughout the country, which has taken in projects from Northumberland to Norfolk and everywhere in between, but as a bank based and built in the North East, it has been particularly pleasing for us to have made a difference in this region.”

On the residential development side, GB Bank recently provided one of its residential bridging solutions to Newcastle based developer Modo Bloc to help bring two Gateshead properties back to life. The Bank managed to turn the deal around from initial enquiry to drawdown in less than six weeks.

The two properties are now being refurbished and brought up to a higher standard of accommodation and their prominent location will mean they can be retained as a long-term investment for the borrowers.

In Northumberland, bridging finance from GB Bank is helping complete a property which has lain unfinished for over two years. A funding package for experienced property developers Dale and Jo Robinson is enabling them to finish building the final property on a housing development set in Mitford, near Morpeth.

By Matthew Neville – Senior Correspondent, Bdaily

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