Mortimer Street Capital has completed a £3.995m bridging facility in Surrey, structured in partnership with Recognise Bank and secured against a portfolio of mixed-use property assets.
The facility was provided to a developer and is secured against two mixed-use development sites with a combined market value of £6.7m.
The loan was structured at 60% loan-to-value and is backed by assets that include existing residential buildings, equestrian land and development land.
The structure of the security provides a number of potential exit routes, reflecting the varied nature of the underlying assets and their respective planning positions.
The transaction highlights Mortimer Street Capital’s approach to structuring bespoke bridging facilities where security is complex and multi-layered, and where borrowers require flexibility to execute value-add strategies.
Numan Sultan, partner at gunnercooke, acted for the bank on the legal work, while Eva Gascoigne of Fisher German provided valuation services.
Mortimer Street Capital operates across structured and complex transactions in the commercial, development and bridging finance sectors. The business has been active in the UK real estate market for around 15 years, with experience spanning bridging and development finance, as well as mezzanine and equity funding.
Across this period, it has deployed more than £1bn of real estate debt.
Justin Trowse (main pictured), managing director at Mortimer Street Capital, says: “This was a highly bespoke transaction, bringing together multiple asset types with different planning consents, so structuring the right solution was key.
“Recognise Bank and its professional team took a pragmatic and commercial approach throughout, allowing us to deliver a facility that gives the borrower the flexibility to execute their business plan while providing the lender with strong underlying security.”
Heather Mitchell, lending manager at Recognise Bank, adds: “SME developers are fundamental to the UK housing market, and we take our role in supporting such businesses very seriously.
“Although this transaction was complex, our team was helped throughout the underwriting process by the quality of the information provided by the team at Mortimer Street Capital and this undoubtedly enabled us to achieve a very positive customer outcome.”
