Recognise completes complex £4million loan in record time
Recognise Bank (“Recognise”), a subsidiary of City of London Group plc (AIM: CIN), and the UK’s newest SME bank, is pleased to announce that it has successfully completed a complex transaction that involved supporting a client with a £4m loan.
The £4m loan will be used by a property investment and development firm to complete the purchase of a portfolio of properties. The customer was against the clock to secure the transaction and Recognise’s relationship managers, led by Jackie Skelt, with their in-depth understanding of the client’s business needs and knowledge of the sector, were able to meet the demanding timescales. The loan was put through Recognise’s cutting-edge platform and is a great example of the team meeting the Recognise promise to deliver quick decisions and efficient, timely execution.
Recognise Bank received authorisation with restriction (AwR) in mid-November 2020 and has launched a number of lending products including working capital loans, bridging and commercial property loans alongside loans for professional practices. The Bank expects to launch other lending products, for example, professional buy-to-let along with personal and business savings accounts, later this year.
Jason Oakley, founder & CEO of Recognise, said: “We are delighted that after just two months of receiving AwR, we are already providing complex loan facilities to SMEs and commercial property owners. We have also been very encouraged by the large number of quality enquiries we have received since launch, clearly demonstrating the gap in the market. We have built a business model and lending platform which allows the team to respond quickly to a customer’s needs, led by knowledgeable local relationship managers. We look forward to helping increasingly more small and medium size businesses across the UK, as we help them grow.”