Recognise Bank has completed a £700,000 bridging loan to refinance a commercial property in Chelmsford, supporting an experienced landlord with a streamlined funding structure.
The six-month facility was agreed at 54% loan-to-value and arranged for a borrower with a background in property investment and development. The case was introduced by Chirag Sheth of Infinite Finance.
The loan is secured against a sizeable site comprising workshops and storage buildings. Proceeds were used to refinance an existing facility, while also allocating funds towards maintenance and upgrades to the asset to support its ongoing management.
The borrower intends to exit the bridge via a term loan, reflecting a longer-term strategy for the property. The transaction completed in 18 working days from approval.
Paul Bagan, lending manager at Recognise Bank, said: “This case involved the refinance of existing borrowing alongside a requirement to carry out ongoing maintenance and improvements to the asset.
“The borrower is an experienced commercial landlord with a clear plan for the property, which provided a solid basis for the transaction.
“The structure itself was straightforward, but timing remained important. By working closely with the broker and maintaining a clear line of communication throughout, we were able to progress the deal efficiently and complete within a short timeframe.”
Chirag Sheth, broker at Infinite Finance, added: “This was a refinance with a defined exit through a term facility, so it was important to work with a lender that could take a clear and structured view of the case.
“The team at Recognise Bank were responsive throughout, which helped ensure the transaction progressed smoothly.”
