Recognise Bank completes £2.7m bridging loan for Manchester site

Recognise Bank has completed a £2.665m bridging loan to support a regional property developer with a site in Burnage, Manchester.

The 12-month facility was introduced by specialist debt and equity advisory Roscap and completed at 65% LTV. The loan is secured against a former social and recreational site in Burnage, which the borrower purchased in 2023.

The site includes commercial buildings and three apartments. Since acquiring the asset, the borrower has secured planning permission for 66 homes.

The facility will be used to repay the existing charge, with surplus funds released to support further property investment and development activity and an intended exit through development finance.

Paul Bagan, Lending Manager at Recognise Bank, said:

“This was a strong example of the type of deal where it is important to understand the borrower’s wider plan, rather than looking at the asset in isolation.

“The site has already moved forward significantly since the borrower acquired it, with planning now secured for 66 homes. We were able to take a considered view of the existing security, the borrower’s experience and the proposed exit, and structure a facility that gives them the flexibility to move ahead with the next stage of their plans.”