Recognise Bank has completed a £9.9m bridging loan to refinance existing debt secured against two commercial properties, one in Central London and one in Glasgow.
The 21-month facility completed at 52% LTV. The security package comprised a Central London office building and a Glasgow industrial unit with office space. Raj Vilkhou of Express Financial Services introduced the transaction.
The loan allowed the borrower to repay its existing lender and provided sufficient time to carry out a light refurbishment of the London office, with the sale of the Glasgow property forming part of the planned exit strategy.
Completing within a defined timeframe was central to the transaction, given the scheduled repayment obligation to the existing lender. Title indemnity insurance was used during the process, allowing the bank to maintain momentum and meet the completion deadline.
“This was a significant refinancing involving two different commercial assets and a clear deadline for the existing lender to be repaid,” said Luke Beirne, senior lending manager at Recognise Bank (pictured).
“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.”
Vilkhou said the borrower’s primary concern throughout was confidence that completion would happen within the available window. “The key requirement in this case was certainty of completion within the timeframe available,” he said.
“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,” Vilkhou added.
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