“This was a strong case from a capable developer who knows their local area well. They wanted to move ahead with their next site and needed capital at pace, to do so”
– Paul Bagan – Recognise Bank
Recognise Bank has completed a £1.98m development exit loan to support a residential developer in Essex.
The facility was arranged for Built With a View Limited, an experienced developer with a history of delivering residential schemes across Essex and Hertfordshire. The loan is secured against three newly built executive homes and allows the borrower to free up capital to fund the purchase of a new plot for a future project.
The deal was introduced by Patrick Coughlan, co-founder and director at Align Property Finance Limited, and completed by Recognise Bank’s lending team to meet the borrower’s time-sensitive funding requirements.
The loan was provided at 75% LTV on a twelve-month term. It gave the developer the liquidity needed to continue their programme after alternative funding options proved less suitable.
Recognise Bank was established to provide lending and savings solutions tailored to the needs of small and medium-sized businesses.
Paul Bagan (pictured), senior lending manager at Recognise Bank, said, “This was a strong case from a capable developer who knows their local area well. They wanted to move ahead with their next site and needed capital at pace, to do so. We were able to assess the completed homes quickly and step in with a clear, practical facility that met their plans. Patrick made the client’s plans easy to understand and played a key part in keeping the deal on track.”
Patrick Coughlan, co-founder and director at Align Property Finance Limited, added, “This was an important deal for the developer, and Recognise Bank understood that from the outset. Paul and the team were responsive, engaged and focused on getting the job done. Their approach made a real difference to the client, who can now push forward with their next project. It was a smooth process and a positive outcome for everyone involved.”
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