Recognise Bank is proud to announce its successful provision of a £5 million bridging loan to Darenth River Ballast Company Ltd. This strategic financing will play a pivotal role in supporting the establishment of an advanced waste transfer station, showcasing Recognise Bank’s commitment to driving sustainable solutions for modern challenges.
Darenth River Ballast Company Ltd, a company with a rich history spanning nearly a century, has embarked on an exciting venture to enhance land investments inherited across generations. The establishment of the waste transfer station was a much-needed modern solution to replace an existing facility.
The bridging loan, with an 18-month term and tranche drawdowns, was meticulously structured to meet Darenth River’s specific needs. This financing arrangement enables the company to proceed with the installation of a new waste transfer station on its owned land in the South of England, effectively replacing the existing station on the site. A South East Council has also signed on as the tenant with a 30-year lease agreement for the new facility. The loan-to-value (LTV) ratio, based on vacant possession value, stands at less than 50%.
Recognise Bank’s successful acquisition of this deal was the result of healthy competition with several other lenders. While all contenders presented compelling offers, Recognise Bank quickly established a strong relationship with Darenth River, and bank’s ability to offer tranche drawdowns further solidified its position as the preferred partner for this significant project.
Mark Barrie of Azets, the introducer responsible for facilitating the deal, expressed his gratitude towards Recognise Bank’s exceptional team. “The team at Recognise Bank were superb, from start to finish. Special thank you to Shami Sharma, Dave Bronsdon, and Mat Baker who were fantastic,” he remarked. “The client is delighted with the whole process and the end result. I would certainly recommend Recognise Bank and the team mentioned here, who were outstanding! A real credit to the organisation.”
After the project ended, the Recognise Bank team was pleased to receive an ‘excellent’ rating in their customer satisfaction survey. Both Darenth River and Azets expressed their high satisfaction with the bank’s performance and stated they would recommend the bank to others and consider using their services again in the future.