Recognise completes £2m Hertfordshire bridging loan in two weeks

Recognise Bank has completed a £2.025m bridging loan to refinance debt secured against a residential development site in Hertfordshire, completing the deal within two weeks of the initial enquiry.

The 12-month facility was provided at 60% LTV to an experienced property developer, investor and land promoter with more than 30 years’ experience across commercial property, development, asset management and land promotion.

The loan is secured against an approximately two-acre site with planning consent for two detached six-bedroom luxury homes.

The borrower has secured a number of planning enhancements for the site and intends to exit the facility through the sale of both plots as land with planning permission in place.

One plot is set to be marketed following completion of the loan, while a prospective buyer has already been identified for the second.

The deal was introduced by Lyndon Miles of UK Adviser Group and led by Tom Ravenscroft, lending manager at Recognise Bank.

“The borrower has significant experience across property development, investment and land promotion, and there was a clear rationale behind the refinance," said Tom.

“The strength of the site, with planning already secured for two substantial homes, gave us a solid basis on which to assess the transaction.

“We worked closely with Lyndon and the wider team throughout the process, which meant we were able to move decisively and complete the facility within two weeks of the initial enquiry.”

Lyndon added: “Recognise Bank understood from the outset what was required and took a clear and practical approach to the deal.

“Tom and the team were decisive throughout, maintaining momentum and communicating clearly at every stage.

“Completing within two weeks of the initial enquiry was an excellent outcome for the client and demonstrated the value of having a lender that can assess a case quickly and then deliver on what it has agreed.”