Recognise Bank has completed a £2.665m bridging loan to refinance a Manchester site with planning permission for 66 homes, while releasing capital for further investment activity.
The bank provided the 12-month facility to a regional property developer for a site in Burnage, Manchester, with the transaction introduced by specialist debt and equity advisory Roscap.
Completed at 65% loan-to-value, the loan is secured against a former social and recreational site that includes commercial buildings and three apartments. The borrower acquired the asset in 2023 and has since secured planning consent for 66 homes.
The serviced facility will be used to repay the existing charge on the site, with additional funds released to support the developer’s wider property investment and development plans.
Recognise Bank said it took a broader view of the transaction, assessing both the existing asset and the borrower’s long-term strategy. The intended exit route is through development finance.
Paul Bagan (pictured), lending manager at Recognise Bank, says: “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.
“Roscap played an important role in presenting the case clearly and working closely with us throughout. That collaboration helped maintain momentum and gave all parties clarity on what was needed to complete.”
Roscap supported the lender in finalising the structure of the facility.
Suleman Rafiq, co-CEO at Roscap, adds: “This was a multi-faceted transaction involving a site with a clear development path and a borrower with a strong local track record.
“Recognise Bank engaged with the detail from the outset and took the time to understand both the asset and the borrower’s broader strategy. Their pragmatic approach helped deliver the certainty needed to complete the refinance and release capital for the next phase of activity.”
