Recognise Bank completes £2.3m bridging deal

Recognise Bank and Kingswood Associates have worked together to complete a £2.3m bridging loan for a green housing scheme in Cambridgeshire.

The facility — agreed at 65% LTV at a rate of 9.6% per annum over a 12-month term — was used by the client to refinance an existing acquisition loan in order to progress to the next stage of the scheme.

The development project will see the construction of 19 environmentally friendly homes, as well as the refurbishment of an existing lodge on the site.

Jason Caprioli, lending director at Kingswood Associates, said: “This is an exciting project and Recognise Bank was able to structure and support our client’s green-centred development in Cambridgeshire. 

“The key to success was its team, who combined experience, dynamism, speed and flexibility.

“While it was our first engagement with Recognise Bank, we can’t wait to work with it again. 

“Going into 2022, it’s great to see a new bank able to support ever larger opportunities with its growth strategy and appetite.”

Shami Sharma, business development manager for London at Recognise Bank (pictured above), commented: “This was our first case with Kingswood Associates and Jason worked hard with us to meet his client’s requirements. 

“It was a complex deal, but we could see the developer was an experienced player in the market and we came up with a loan structure that worked for all parties. 

“It clearly shows how hard we will work to get complicated cases over the line.”

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