Mortimer Street Capital, working with Recognise Bank, has completed a £3.995m bridging facility for a developer, secured against a portfolio of property assets in Surrey with a combined market value of £6.7m.
The loan was structured at 60% LTV and is secured against two mixed-use development sites with existing structures. The assets include residential, equestrian and development land, providing a range of exit options and asset-backed security.
The transaction highlights Mortimer Street Capital’s approach to structuring bespoke bridging facilities against complex, mixed-use security while supporting developers pursuing value-add strategies.
Numan Sultan, partner at Gunnercooke, acted for the bank on the legal work, while Eva Gascoigne of Fisher German provided valuation services.
Mortimer Street Capital operates across commercial, development and bridging finance, focusing on structured and complex transactions. The firm has built its presence over 15 years and specialises in bridging and development finance alongside mezzanine and equity funding. Its track record includes deploying more than £1bn of real estate debt in the UK market, supported by detailed due diligence.
Justin Trowse, managing director at Mortimer Street Capital, said: “This was a highly bespoke transaction, bringing together multiple asset types with different planning consents, so structuring the right solution was key,” he said.
“Recognise Bank and its professional team took a pragmatic and commercial approach throughout, allowing us to deliver a facility that gives the borrower the flexibility to execute their business plan while providing the lender with strong underlying security.”
Heather Mitchell, lending manager at Recognise Bank, said: “SME developers are fundamental to the UK housing market, and we take our role in supporting such businesses very seriously,” she added. “Although this transaction was complex, our team was helped throughout the underwriting process by the quality of the information provided by the team at Mortimer Street Capital and this undoubtedly enabled us to achieve a very positive customer outcome.”
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