“The complexity of this case would have defeated many lenders. However, Ryan at GSB Capital provided a very well packaged case and understood what information we needed up-front to help us make a swift decision”
– Heather Mitchell – Recognise Bank
Recognise Bank has provided a £2m bridging loan for a derelict commercial site in Sheffield, enabling the borrower to fund new development projects. The site, slated for eight luxury houses, required planning approval before construction could begin.
The property consisted of abandoned warehouses and offices located on a greenbelt and brownfield site. The buildings contained asbestos, and there was a risk of subsidence due to historic mineral extraction, adding complexity to the project.
Funding was structured in two stages—pre- and post-planning approval—to cover demolition and site preparation. The final loan totalled £2,043,000 at 60% loan-to-value (LTV) on a 12-month term.
The deal was introduced by Ryan Dixon of GSB Capital Limited, a first-time broker with Recognise Bank.
“The complexity of this case would have defeated many lenders. However, Ryan at GSB Capital provided a very well packaged case and understood what information we needed up-front to help us make a swift decision,” said Heather Mitchell, lending manager at Recognise Bank (pictured).
Mitchell added: “The experience of the borrower was key in agreeing this deal too, as with other projects in the pipeline, it was clear what their plans were and how this funding would enable them to fund these future projects.”
Ryan Dixon, managing partner at GSB Capital Limited, commented: “Our client needed to find a lender who would not only make a quick decision, but one that could grasp and fully understand the risks surrounding the wait for planning. This was whilst also recognising the positives and upsides of the deal, which ultimately mitigated these risks.”
Dixon continued: “The team at Recognise Bank did all this and enabled the funding to quickly happen with little fuss. As a first-time broker to the bank, their efficiency and knowledge gives me immense confidence when I undoubtedly introduce my next deal to them.”
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