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Theodore Goddard has won property finance work for the new Abbey National bank, after an existing client was appointed to head the operation.
Tim Smalley, who is now handling property finance at Abbey National, recommended Theodore Goddard after receiving "excellent service" from the firm during his time as the head of property finance at NatWest.
"I used them before and we got on well. It was in the light of that experience that I felt comfortable in recommending the firm to Abbey National," Smalley says. "Theodores has the resources to provide a fast and top-class service."
Abbey National property finance is set to fund transactions of more than £30m, and expects to do more than £500m of business this year on the commercial side.
Theodore Goddard's first piece of work for the team was a £9.7m transaction, which was completed in four days.
Dave Wilson, banking and finance partner at Theodore Goddard, said he was optimistic the relationship would develop in the future. "We have high hopes that we can make Abbey National Treasury services a major client," he said.
Abbey National property finance also instructs Berwin Leighton and Denton Wilde Sapte. Smalley is unwilling to say how much work each firm could expect.
"All I can say is that this first deal is not particularly representative. We will be looking to big ticket work in the future," he says.