Allica Bank has partnered with national, commercial law firm, Freeths LLP, as it continues to drive lending speed and improve transparency for brokers and SME customers. The legal firm’s expertise and additional operational capacity will help improve lending efficiency at the bank as it aims to support UK SMEs with the funds they need to purchase or refinance commercial property and grow.
Freeths LLP is a top 45, £100m+ turnover, commercial law firm with 12 officers across the UK. The legal real estate team numbers around 150 staff, offering a real depth and breadth of expertise. The partnership forms part of Allica’s mission to listen and respond to what brokers are saying and need.
Nicola Tunney, Head of Operations at Allica Bank, say that the conveyancing portion of the broker funding journey is often where lenders fall down: “The legal part of the lending process is one of the most complex and time-consuming, which is why it is so important to us at Allica that we make it as slick as possible. Partnering with one of the UK’s leading commercial law firms gives us significant additional capacity to manage the pipeline, keep brokers well informed and drive completion volumes.” she says.
“We are delighted to be working with a firm whose values and commercial pragmatism are aligned so closely with our own, and one that is committed to delivering a fast and effective service to our broker partners. This move, along with other recent enhancements to our operational processes, will ensure that brokers can remain confident of top-quality end-to-end service across the entire loan journey.”
Real Estate Partner at Freeths, Jon Smart said, “We are delighted to have been appointed by Allica. Our personalities and ethos are a great match. Real Estate Partner, Lucy Bradban, and I will lead our cross office team. We are relishing the prospect of helping the bank in its next phase of expansion”
The appointment coincides with a decision to further increase its commercial mortgage maximum loan size from £3 million to £5 million following feedback and requests from brokers. Allica’s maximum asset finance loan has also been increased from £250,000 to £500,000. The bank says it has a joint mission with brokers to help more SMEs gain access to the finance they need to grow, and this is part of an ongoing journey to expand its broker proposition in the UK
Freeths is a leading national law practice, offering a broad range of commercial services. With an income of nearly £102m in the last financial year, Freeths has moved to a national ranking of 45 in the Top 100 UK law firm listing published by The Lawyer magazine.
The rapidly growing national law firm provides nationwide coverage from 12 offices in Birmingham, Bristol, Derby, Leeds, Leicester, Liverpool, London, Manchester, Milton Keynes, Nottingham, Oxford and Sheffield, and with plans to move to more agile working. The growing firm has over 800 members of staff. The Legal 500 and Chambers legal guides consistently rank our lawyers in their top tiers. Other facts:
- Listed in The Times Best Law Firms 2021
- Winner of The Lawyer and Legal Week’s Litigation Team of the Year 2020
- Ranked 51st in the Social Mobility Employer Index 2020
- Ranked 57th in The Sunday Times Top 100 Best Companies to Work For 2019
- Rated Two Stars in The Best Companies to Work For 2019
- Advancing Social Mobility in the Workplace (Private Sector) 2019
- Winner of the Mental Health & Wellbeing Award at the UK Diversity Legal Awards 2019
- Small Employer of the Year in the enei (Employers Network for Equality & Inclusion) Awards 2018
- ‘Diversity Champion’ for Stonewall – a charity supporting LGBT rights