Cynergy Bank boosts London property team
Cynergy Bank is reinforcing its commitment to London property SMEs, by appointing new regional director Mitesh Hathi. With a balance sheet over £1.1bn in London, there is a desire to grow by a further 25% in 2022.
An experienced London team of 19 with deep customer relationships will assist Cynergy Bank in its aim to loan a billion pounds to new customers in 2022 with a personalised service enhanced by the latest technology.
Mitesh Hathi joined the Bank in January 2022. He is a seasoned banker, largely at Lloyds Banking Group, where he led the London property team and the business development function for the London region. He has a strong track record for leading large frontline teams who provide excellent support for the growth ambitions of their clients.
Alongside a wider team, he will be supported by five key relationship directors who will be responsible for strengthening and execution of the Bank’s offering to London based SMEs investing, developing or dealing in property, particularly within the £2m – £20m segment.
Noel Murphy will primarily focus on arranging commercial and residential property finance transactions with a mandate to build its property lending balance sheet. He has over 30 years’ experience in financial services with a track record in commercial and corporate banking, as well as experience as a senior credit underwriter.
Neil O’Shea, has over 20 years’ banking and financial experience having spent most of his career with Allied Irish Bank both in the UK and Ireland. He has a depth of experience across a range of sectors including real estate, construction, healthcare, leisure and hospitality and brings a very strong focus on building longstanding customer relationships.
Sam Mitchell, has extensive experience in executing real estate transactions for both existing and new bank customers.
Ioana Cretu who has over 15 years’ banking experience, is focused on complex property investment deals and works with brokers and customers to identify the most appropriate financing options for their needs.
Kate Finney has nearly 20 years in banking, mainly in the healthcare and property sectors, including roles at NatWest, Santander, Metro Bank and AIB. Her primary focus is on residential, commercial and mixed-used property transactions, working with both brokers and new clients.
In January, Cynergy Bank successfully completed a term loan with BMFKC Limited totalling £1.8m, for a property in North London. The property is a four-storey freehold building converted into five self-contained flats. It is well located to shops, restaurants and bars on Upper Street, Angel and Holloway Road, as well as being close to nearby stations: Highbury and Islington and Caledonian Road. The loan was provided with an initial 120-month term with capital repayments over 300 months. BMFKC Limited is actively pursuing a number of properties for future investment and development to provide additional housing across North London.
Ravi Sidhoo, managing director Banking Distribution, Cynergy Bank commented, “Our London property business is in a robust position and is a cornerstone of our long-term strategy; we are excited about its prospects in 2022. Our local, skilled relationship managers are quick to learn our client’s needs and can confidently deliver at speed ensuring that our aspirations are met. Using the latest digital tools whilst maintaining the depth of our personal relationships, we will continue to expand in the region. Mitesh’s leadership will be hugely important in helping us gain market share and achieve our aspirations”
Mitesh Hathi, London regional director at Cynergy Bank said: “The single most important element to being successful in London is having a real detailed understanding of the unique market we are fortunate to operate in. With Cynergy Bank’s reputation for understanding the market and delivering at speed, I am confident that our London clients will continue to benefit from the bank’s growth ambitions, market knowledge and established network of key advisors.”