Recognise Bank has completed a £2.025 million bridging loan to refinance existing debt secured against a prime residential development site in Hertfordshire, completing the deal within two weeks of the initial enquiry.
The 12-month facility was provided at 60 per cent LTV to an experienced property developer, investor and land promoter, with more than 30 years’ experience across commercial property, land promotion, asset management and development.
The security comprises an approximately two-acre residential development site with planning consent in place for two substantial detached luxury dwellings.
The borrower has secured a series of planning enhancements for the site, culminating in the current consent for two detached six-bedroom homes. The exit will be through the sale of both plots as land with planning consent, with the first to be marketed following completion of the loan and a prospective purchaser already identified for the second.
The deal was introduced to Recognise Bank by Lyndon Miles of UK Adviser Group, with the bank working closely with the broker and borrower to progress the refinance from initial enquiry through to completion within two weeks.
Tom Ravenscroft, lending manager at Recognise Bank, led the transaction. The Bank took a practical view of the strength of the underlying security and the borrower’s extensive property experience, allowing it to move quickly while maintaining oversight of the transaction.
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Tom Ravenscroft, Lending Manager at Recognise Bank, said: “The borrower has significant experience across property development, investment and land promotion, and there was a clear rationale behind the refinance.
“The strength of the site, with planning already secured for two substantial homes, gave us a solid basis on which to assess the transaction.
“We worked closely with Lyndon and the wider team throughout the process, which meant we were able to move decisively and complete the facility within two weeks of the initial enquiry.”
Lyndon Miles, of UK Adviser Group said: “Recognise Bank understood from the outset what was required and took a clear and practical approach to the deal.
“Tom and the team were decisive throughout, maintaining momentum and communicating clearly at every stage.
“Completing within two weeks of the initial enquiry was an excellent outcome for the client and demonstrated the value of having a lender that can assess a case quickly and then deliver on what it has agreed.”
Image: Pictured -Tom Ravenscroft, lending manager at Recognise Bank
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