Member Article

Durham banking disruptor completes first North East commercial loan deal

Durham-headquartered digital bank Atom, which celebrated its official launch in April earlier this year, has completed its first commercial loan within the North East.

Funding Rivergreen Management Pension Fund’s acquisition of the long leasehold of an industrial unit in Hartlepool, the bank is beginning to see its technology-based approach to banking become a reality.

As a result of the loan, the pension fund has increased its presence at the Rivergreen Business Park in Queens Meadow, extending its ownership to three industrial units.

Stephen Pratt from Atom Bank, said: “This transaction is a significant step in Atom Bank signalling it is open for business and will provide innovative and streamlined funding solutions to the market.

Square One Law partners, Mark Lazenby and Michael Shuker provided legal advice, security documentation and due diligence required for the loan.

The relationship between Atom and Square One Law has developed since the bank’s inception, with the firm also assisting on the purchase of the business of Grasp (UK) Ltd, to enhance its customer experience innovation through the use of specialist technology pioneered in the video game industry.

Mark Lazenby, head of banking and finance at Square One Law, said: “This is a milestone for Atom and demonstrates its intent to support business and enterprise through its fresh and technology-based approach to banking.”

Stephen Pratt added: “We’ve worked with Square One Law across our business from the start. They understand our proposition and can deliver in terms of us achieving quick turnaround times for our customer base, which will promote new benchmarks for the industry.”