GB Bank, a leading provider of property finance, is opening a new office in London’s Mayfair.
This strategic expansion marks GB Bank’s arrival in the capital and strengthens its commitment to becoming a key player in the thriving London and South East property sector.
GB Bank has a well-established reputation for delivering exceptional service and quick turnaround times on property funding solutions for SME developers and investors.
With a successful track record throughout the UK, the bank is well-positioned to bring its expertise and award-winning approach to the London market.
Stephen Lancaster, Chief Executive and Co-Founder of GB Bank, said: “The opening of our London office is a significant milestone for GB Bank. This expansion allows us to serve the entire UK market even more effectively.
“Since securing our full banking licence in 2022, we have been successfully delivering property finance solutions across the UK with exceptional communication and rapid turnaround times.
“Our new office gives us a great base to bring our flexible approach to the London market.
“We pride ourselves on playing an active role within local property markets so we are now looking forward to partnering with local developers and investors in and around the capital on their upcoming projects.”
The announcement follows GB Bank securing a substantial £85 million investment from new backer Hera Holdings and existing shareholder, the Teesside Pension Fund.
Hera Holdings is privately owned by experienced finance and property entrepreneur Sameer Gehlaut who has a successful portfolio of real estate and financial services investments in the UK. Sameer, as Executive Chairman of one of the public companies he founded in India, led an investment of $100 million in OakNorth Bank for a controlling stake of 40% in 2015.
This significant investment allows GB Bank to raise its loan size to £10 million per project, with a Loan To Value (LTV) ratio of up to 80%.
GB Bank offers a full range of property finance solutions. This, combined with competitive pricing across its entire product range, enables GB Bank to offer an attractive solution for London property developers seeking reliable and efficient funding partners.
GB Bank’s dedication to the UK property sector extends beyond London. The bank remains committed to fostering a strong regional presence across the country.
To support its national expansion, GB Bank has initiated a major recruitment drive, aiming to nearly double its workforce within the next year.
Since becoming a fully licensed bank in August 2022, GB Bank has approved more than £90m in loans to support over 130 property projects in locations from Northumberland to the south coast. It has also attracted over £300m in deposits from savers for its competitive fixed term and instant access accounts.
GB Bank has won a number of industry awards including the Deal of the Year award at the NACFB Commercial Lender Awards 2023 and 2023 Best New Savings Provider by both Money Comms and Money Net.