Restaurant, bar, hotel and care home operator, Malhotra Group has secured a multi-million-pound loan from Metro Bank to support the acquisition of a £4.1m site in Newcastle.
The company will use the historic grade II-listed building for commercial investment purposes and as a new head office for its growing business. It is also in discussion with the bank to refinance its care home portfolio and provide funding for the development of a major new hotel in the North East.
Based in the North East, Malhotra Group is a family-owned company with over 25 years of experience in commercial property. It also operates a specialised healthcare group, a national property portfolio and has a leisure arm that incorporates restaurants, bars and hotels.
Martin Greenwood, Group Finance Director at Malhotra Group added: “Having had no prior dealings with Metro Bank, we were unsure whether they would handle an enquiry ?from us. However, our initial uncertainties were quickly quashed and we were impressed with the enthusiasm and proactive attitude they immediately showed towards our needs.
'The speed in which they were able to process our funding request meant that we could complete the property transaction against 15 other prospective buyers and within the required 30 day deadline set by the vendor. Needless to say, we will be working with Metro Bank again on our future funding needs – we have certainly become fans.”
Mark Stokes, Managing Director Commercial Banking at Metro Bank, said, “We’re delighted to help the team at Malhotra Group expand their extensive portfolio. Through our face-to-face approach, we were able to grasp their vision and deliver a tailor-made agreement in less than four weeks. We look forward to strengthening our relationship with them over the years to come.”