In an exclusive interview with Bridging & Commercial, Phil Jenks, chairman at Recognise Financial Services (pictured above), claimed he remained confident that the company would receive authorisation with restrictions in H1 2020 and a full licence by the end of the year.
Once it receives its banking licence, Recognise will look to offer asset-backed loans to SMEs, including bridging and commercial loans.
Its commercial offering will include finance for working capital, commercial property acquisition/refinance, professional practices and refurbishment.
“Alongside, we will be offering an exciting range of savings products for both personal and business customers, the latter having only had limited choice and poor rates for far too long,” added Phil.
- B&C roundtable: Is the second charge bridging market growing?
- Recognise Financial Services plans to offer bridging finance
- Bridging loan books increase by 19.7% in 2019
“[We aim to] help those business owners and entrepreneurs who feel ‘orphaned’ by their current bank and who want a faster, more flexible and personal service.”
In addition, Recognise has recently recruited a core team of individuals to start building the lending book in its planned hubs in London, the Midlands, Manchester and Leeds.
“The broker market is very important to us and through our work with the NACFB and, from past experience, we will be listening very carefully to their needs and using our regional colleagues to build strong relationships.”
The company is looking to use technology to enhance its “speed of delivery, customer recognition, personalisation, flexible structuring and pace of product delivery”.
“…With the new cloud-based technologies now available at a fraction of the previous cost and banks waking up to the importance of business customers … change is coming and Recognise is taking advantage of the best of these new technology providers,” explained Phil.