Recognise Bank has completed a £2.95m bridging loan to refinance an office-to-residential conversion in Shrewsbury.
The facility allowed the developer to repay its existing development finance provider before the loan expired and provided funding for the final stages of the project.
Raj Vilkhou of Express Financial Services introduced the case. The security comprises a newly converted six-bedroom residential property and a separate one-bedroom staff annexe.
Recognise worked with the broker and the other parties to complete the refinancing as the existing facility approached its expiry date. The bank used title insurance to meet the relevant legal requirements and redeem the development lender within the required timeframe.
The transaction was led by Luke Beirne (pictured), senior lending manager at Recognise Bank. The same client has since submitted a further application for bridging finance secured against two newly renovated residential properties.
Beirne says: “This was a strong example of how we can take a practical approach to a transaction and work closely with the broker to deliver within a tight timeframe.
“By using title insurance, we were able to complete the refinance before the existing development facility expired, while also providing the borrower with the funds needed to finish the project and move on to its next development.”
Vilkhou adds: “Recognise Bank understood the requirements of the case from the outset and worked closely with us throughout the process.
“Luke and the team were decisive and took a sensible approach to the legal requirements, which gave our client the certainty it needed to repay the existing lender, complete the project and progress its future plans.”
