Recognise Bank closes £1.75m professional BTL deal

Recognise Bank has completed a £1.75m loan for a PDR scheme in Harrogate, North Yorkshire.

The 70% LTV loan — arranged at 3.49% over a five-year term using the lender’s newly launched professional BTL product — was used to refinance an existing bridging loan for a portfolio of residential units, releasing equity to be used for the borrower’s next project.

The bank worked together with Mark Craven, director at NewSource Commercial Finance, to complete the deal for the client, a private property investor.

James Meigh, regional director for North West and Yorkshire at Recognise Bank (pictured above), said: “Not only was this was one of our first ever professional BTL loans, it also involved the refinancing of a bridging loan, so slightly more complex than a standard BTL mortgage. 

“However, working closely with the advisor, we were able to complete the deal within a matter of weeks from practical completion, giving the borrower access to equity to be used on a future development.

“It’s for cases like this, where experienced property investors need to work with lenders that understand their circumstances and the need for quick progress, that our PBTL product was created.”

Mark added: “Recognise Bank’s professional BTL proposition was an excellent fit for this particular case. 

“It’s a great product and it suited the client’s requirements perfectly — he let out the property, paid off the bridging finance and raised capital for additional projects.

“We were especially impressed with the communications from the bank and its solicitors. 

“It is inevitable that challenges arise, but in this case when they did, they were dealt with quickly and effectively.”

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