Recognise Bank has completed a £700,000 bridging loan to refinance a commercial asset in Chelmsford, with part of the facility also earmarked for maintenance and site improvements.
The borrower, an experienced commercial landlord with a background in property investment and development, was introduced to the lender by broker Chirag Sheth of Infinite Finance. The six-month loan was agreed at 54% LTV, secured against a substantial plot comprising workshops and storage buildings.
Beyond refinancing the existing facility, the deal gave the borrower a more streamlined funding position and provided capital for ongoing upkeep of the site. The planned exit is via a term loan, reflecting a structured, longer-term approach to the asset’s financing. From approval to completion, the transaction took just 18 working days.
“This case involved the refinance of existing borrowing alongside a requirement to carry out ongoing maintenance and improvements to the asset,” said Paul Bagan, lending manager at Recognise Bank (pictured).
“The borrower is an experienced commercial landlord with a clear plan for the property, which provided a solid basis for the transaction. The structure itself was straightforward, but timing remained important. By working closely with the broker and maintaining a clear line of communication throughout, we were able to progress the deal efficiently and complete it within a short timeframe.”
Sheth echoed that view, crediting the lender’s responsiveness as a key factor in the deal’s smooth progression. “This was a refinance with a defined exit through a term facility, so it was important to work with a lender that could take a clear and structured view of the case,” he said. “The team at Recognise Bank were responsive throughout, which helped ensure the transaction progressed smoothly.”
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