Recognise Bank has completed a £401k commercial bridging facility to refinance a multi-let office asset in Dundee.
The 12-month loan was agreed at 67% loan-to-value for an experienced property investor and developer, supporting the refinancing of an existing facility and the restructuring of ownership into a newly formed special purpose vehicle.
The borrower, who has nearly three decades of experience in property investment and development, required funding to repay an existing lender, including an early repayment charge, while repositioning the asset within a new corporate structure.
The deal was introduced by Harry Baker, director at Aura Capital, with the security comprising a multi-let office block in Dundee city centre. The property benefits from established transport links and a mix of residential, educational and commercial demand.
Although structured as a refinance, the transaction required coordination between lender, broker and borrower to align with the client’s longer-term strategy for the asset.
Tom Ravenscroft (pictured), lending manager at Recognise Bank, says: “This was a well-structured case supported by a highly experienced borrower with a clear strategy for both the asset and the exit.
“By understanding the nuances of the ownership structure and the disposal plan, we were able to deliver a solution that met the client’s requirements within the necessary timeframe.”
Baker adds: “We required a lender that could understand the quality of the asset, its mixed tenancy profile, and the restructuring of ownership into the client’s new group structure.
“Having worked with Recognise on several deals, I knew they would see the case’s strengths from day one, fully appreciating the client’s track record with the asset and applying a genuinely commercial approach to underwriting.
“The team at Recognise Bank did exactly that – they were engaged from the outset and delivered with real certainty. Aura Capital looks forward to progressing its pipeline with the bank and appreciates the support from the Recognise team to date.”
