Recognise Bank has completed a £1.836m bridging loan to fund the acquisition of a mixed-use commercial site in Harlow, Essex.
The 18-month serviced facility was agreed at 57% loan-to-value and introduced by Matt Stevenson, commercial manager at Watts Commercial Finance.
The property, which includes residential accommodation, industrial units and yard space, will become the new premises of an SME operating in the civil engineering sector.
The borrower was required to complete the acquisition within weeks and intends to repay the bridging loan through longer-term finance.
Recognise Bank worked with Watts Commercial Finance to assess the mixed-use property and arrange the facility within the required timeframe.
Paul Bagan, senior lending manager at Recognise Bank, says: “The client had identified a site which suited the needs of its trading business, but the key requirement was being able to complete the acquisition within a matter of weeks.
“We took a practical view of the property and the borrower’s plans for the site, working closely with Matt and the Watts Commercial Finance team to put the right bridging structure in place.
“The facility gave the client the confidence to complete the purchase, with a clear exit into longer-term finance.”
Stevenson adds: “The client had identified the right premises for the next stage of its business, so it was important to work with a lender that understood the requirement and could make decisions within the timeframe we were working towards.
“Recognise Bank was decisive from the outset and worked closely with us throughout the process. Their practical approach and clear communication helped keep the deal moving and gave the client the certainty it needed to complete the acquisition within a matter of weeks.”
