Recognise Bank has completed a £2.025m bridging loan to refinance existing debt secured against a residential development site in Hertfordshire, from initial enquiry to completion in under two weeks.
The 12-month facility was provided at 60% LTV to an experienced property developer, investor and land promoter with more than 30 years across commercial property, land promotion, asset management and development. Security comprises an approximately two-acre site with planning consent for two substantial detached six-bedroom homes, the result of a series of planning enhancements the borrower secured progressively before reaching the current consent.
The exit strategy rests on the sale of both plots as land with planning consent. The first will be marketed following completion of the loan, while a prospective purchaser has already been identified for the second.
The deal was introduced by Lyndon Miles of UK Adviser Group. Tom Ravenscroft, lending manager at Recognise Bank, led the transaction, with the bank working directly with the broker and borrower throughout the process. Recognise took a practical view of the underlying security and the borrower’s property track record, allowing it to move quickly while maintaining oversight.
“The borrower has significant experience across property development, investment and land promotion, and there was a clear rationale behind the refinance,” said Tom Ravenscroft, lending manager at Recognise Bank (pictured).
“The strength of the site, with planning already secured for two substantial homes, gave us a solid basis on which to assess the transaction. We worked closely with Lyndon and the wider team throughout the process, which meant we were able to move decisively and complete the facility within two weeks of the initial enquiry.”
“Recognise Bank understood from the outset what was required and took a clear and practical approach to the deal,” said Lyndon Miles of UK Adviser Group.
“Tom and the team were decisive throughout, maintaining momentum and communicating clearly at every stage. Completing within two weeks of the initial enquiry was an excellent outcome for the client and demonstrated the value of having a lender that can assess a case quickly and then deliver on what it has agreed.”
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