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Build & Sustainability

Middlesbrough’s GB Bank in £3 billion property sector pledge after official launch

A challenger bank promising a £3 billion property sector boost has officially launched.

Middlesbrough-headquartered GB Bank has received its full UK banking licence.

Bosses say the venture will drive new growth across the built environment sector, with its multi-billion-pound commitment – set across five years – tipped to create more than 100,000 jobs, several million square feet of office space and 20,000 homes.

Offering loans of between £500,000 and £5 million, they say it will support regional property developers, small and medium-sized businesses and construction companies, who have long suffered from industry financial ambiguity.

Stephen Lancaster, chief executive [pictured, above], said: “We are absolutely delighted to officially launch GB Bank.

“Everyone is raring to go and can’t wait to see, first-hand, the positive impact GB Bank will make to the communities across the UK.”

A key facet in the bank’s model is its commitment to understanding the many intricacies of the regional development landscape, to provide clients with tailored support.

Neil Williams, chief lending officer, added: “Developers are facing numerous challenges such as increasing material costs, access to land and difficulty sourcing and retaining labour.

“We are working with them to provide quick lending decisions to better enable them to commit to purchasing land, and providing competitive fixed interest rates, so they can more accurately calculate funding costs.

“Relationship managers and credit partners are based locally, meeting with the developer early to ensure their needs are identified.

“We have a real passion for the region and look forward to putting that knowledge and enthusiasm into supporting communities that need it most.”

The Teesside Pension Fund is GB Bank’s cornerstone investor, having put in £48 million to support its growth.