Recognise Bank

Recognise Bank and Watts Commercial Finance complete £2m deal for Manchester office purchase

Recognise Bank has completed a £2m loan with Watts Commercial Finance within 23 days from credit being agreed to the funds being drawn down.

The 65% LTV facility was used by the client — a professional property investor — to purchase some office premises in Manchester city centre.

As the borrower had a tight deadline to complete the transaction, the lender worked together with Watts Commercial Finance and a team of lawyers to fund the deal on time. 

Paul Bagan, relationship manager at Recognise Bank (pictured above), said: “This was a relatively complex loan and the timescales were extremely tight, so the key for us was good communication, both with the broker and the client, but also with all the other parties, such as the lawyers and surveyors.

“The way the Recognise deal team is set up means that Mathew Baker [lending manager at Recognise Bank] and I work closely together from the very start of the application process, sharing information quickly and updating each other on progress. 

“It means we can handle any challenges quickly, and importantly, we can give our broker partners and their clients the quick decisions and funding they need.”

Mark Jerman, senior commercial manager at Watts Commercial Finance, commented: “Paul and Matthew were an absolute pleasure to deal with. 

“It was a very streamlined and joined-up approach between them both: communication was timely, accurate and relevant, and we completed very quickly. 

“The valuation turnaround was amazing, with Paul engaging the valuer early and in readiness.”

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