Recognise Bank has completed a £9.9 million bridging loan secured against commercial properties in London and Glasgow.
The 21-month facility was used to refinance existing debt secured against a central London office building and an industrial unit with office space in Glasgow.
The loan, introduced by Raj Vilkhou of Express Financial Services, completed at 52% loan-to-value.
The funding allowed the borrower to repay its existing lender and provides time for a light refurbishment of the London office. The client’s exit strategy also includes the sale of the Glasgow property.
Recognise said the refinancing had to complete within a tight timeframe to ensure the incumbent lender was repaid as scheduled.
Title indemnity insurance was used during the transaction to address outstanding requirements and allow the deal to complete within the required timeframe.
Luke Beirne (pictured), senior lending manager at Recognise Bank, says: “This was a significant refinancing involving two different commercial assets and a clear deadline for the existing lender to be repaid.
“We worked closely with Raj and the wider professional team to take a practical view of the requirements and keep the transaction moving.
“Using title indemnity insurance helped us provide the certainty the client needed to complete on time, while the 21-month term gives them the necessary period to refurbish the London property and progress the sale of the Glasgow asset.”
Raj Vilkhou of Express Financial Services adds: “The key requirement in this case was certainty of completion within the timeframe available. Recognise understood that from the outset and worked closely with us throughout the process to address the outstanding points and keep the refinance moving.
“The team took a pragmatic approach to the transaction and delivered the funding the client needed to repay the existing lender on time.”
