Recognise Bank has completed a £2.66m bridging finance facility to support a regional property developer with a site in Burnage, Manchester.
Roscap, a specialist debt and equity advisory firm, introduced the 12-month facility, which completed at 65% loan-to-value (LTV). The loan is secured against a former social and recreational site in Burnage that the borrower bought in 2023.
The site includes commercial buildings and three apartments. Since buying the asset, the borrower has secured planning permission for 66 homes.
Key details of the deal include:
- a £2.66m bridging finance facility completed at 65% LTV
- a 12-month term, introduced by Roscap and agreed on a serviced basis
- planning permission secured for 66 homes since the borrower bought the site in 2023
Bridging finance to support the next phase
The borrower will use the facility to repay the existing charge, with surplus funds released to support further property investment and development activity. The bank took a practical view of the transaction, weighing up both the current asset and the borrower’s longer-term plans for the site, with the intended exit through development finance. Roscap played an instrumental role in helping the bank finalise the facility structure.
“This was a strong example of the type of deal where it is important to understand the borrower’s wider plan, rather than looking at the asset in isolation,” said Paul Bagan, lending manager at Recognise Bank (pictured).
“The site has already moved forward significantly since the borrower acquired it, with planning now secured for 66 homes. We were able to take a considered view of the existing security, the borrower’s experience and the proposed exit, and structure a facility that gives them the flexibility to move ahead with the next stage of their plans.
“Roscap played an important role in presenting the case clearly and working closely with us throughout. That collaboration helped maintain momentum and gave all parties clarity on what was needed to complete.”
“This was a multi-faceted transaction involving a site with a clear development path and a borrower with a strong local track record,” said Suleman Rafiq, co-CEO at Roscap.
“Recognise Bank engaged with the detail from the outset and took the time to understand both the asset and the borrower’s broader strategy. Their pragmatic approach helped deliver the certainty needed to complete the refinance and release capital for the next phase of activity.”
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