Complex case involving multiple properties with professional buy-to-let and commercial mortgage elements
Recognise Bank has announced the agreement of a £4.2 million-plus refinance package for a portfolio investment client.
The loan was provided to allow the client to refinance an expiring loan, secured on a mix of residential and commercial properties in various locations across the country.
The client, Hurstglen Properties,was introduced to Recognise Bank by commercial finance adviser, Asher Goldman of Goldman Property Finance, who knew the Bank’s team had years of collective experience in putting together deals for complex cases and was confident Recognise could complete in a timely fashion.
After studying the case and liaising with the adviser and client, the legal title on the two mixed use properties was split to enable the borrower to utilise Recognise’s attractively priced Professional Buy-to-let (PBTL) loan. Recognise provided a PBTL loan for £1.8 million at 65% LTV, with the rest of the deal funded by a commercial mortgage for £2.4 million.
Asher Goldman, Managing Director of Goldman Property Finance Ltd, said: “I’d like to thank James and the team at Recognise for working hard with this case. Recognise worked closely with us to design the right solution for a complex deal that was financially suitable to my client. The Bank’s collaborative approach made all the difference.”
Alfred Magnus, Director of Hurstglen Properties Ltd, added: “I found all the directors and staff at Recognise Bank very helpful and business-like and their approach certainly made things easier. They did their best to solve any problems that came along, and I wouldn’t hesitate to deal with them again.”
James Meigh, Director, Business Development at Recognise Bank, commented: “This was not a ‘tick box’ case, but by working with Asher we were able to structure the deal by designing a blended rate approach. Our PBTL product was ideal in this instance, and it dovetailed nicely with our commercial mortgage.
“This is typical of the type of case we’re able to work on at Recognise Bank and highlights the fact we work closely with advisers and their clients in order to create a bespoke solution that works for all parties.”
Recognise Bank was created to provide SMEs with digitally enabled, relationship-led banking, offering a range of unregulated lending options via a network of relationship managers across the UK. Despite only receiving its full authorisation in September 2021, Recognise has already achieved £100 million in lending. In September 2021 it also launched a range of Personal Savings accounts, which has so far attracted £95 million in deposits, launching Business Savings accounts in April this year.