Recognise Bank has completed a £2.025m bridging loan to refinance debt secured against a residential development site in Hertfordshire.
The 12-month facility, agreed at 60% LTV, completed within two weeks of the initial enquiry.
The borrower is an experienced property developer, investor and land promoter with more than 30 years’ experience across commercial property, land promotion, asset management and development.
The security comprises an approximately two-acre residential development site with planning consent for two detached six-bedroom homes.
The borrower has secured a series of planning enhancements for the site, leading to the current consent. The proposed exit is through the sale of both plots as land with planning permission.
The first plot is due to be marketed following completion of the loan, while a prospective purchaser has already been identified for the second.
The deal was introduced by Lyndon Miles of UK Adviser Group, with Recognise working with the broker and borrower to progress the refinance from enquiry to completion.
Tom Ravenscroft, lending manager at Recognise Bank, led the transaction.
Ravenscroft (pictured) says: “The borrower has significant experience across property development, investment and land promotion, and there was a clear rationale behind the refinance.
“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.”
Miles says: “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.”
