SME specialist Recognise Bank has provided a quick £5.2m bridging loan facility to refinance a shopping centre in Worthing, West Sussex, and assist the purchase of two further shopping centres.
The nine-month 68% LTV loan to property developer Cayuga Developments Ltd was turned around in only eleven days in order to avoid losing the opportunity. A bridge was required as the client awaits planning for residential development above the retail units prior to exiting via a development facility.
Tim Harding at Cayuga Developments Ltd says, “the service received from the team at Recognise was exemplary from start to finish.”
James Maunder Taylor of brokerage Kingfisher Property Finance says, “The rapid turnaround was critical in order for my client not to miss out on this opportunity and once we’d approached Recognise, things moved very quickly. My clients were so impressed that they will be using Recognise for all development exit bridging loans in the foreseeable future.”
Recognise’s Business Development Manager, Andy Keehner, says, “It was a fantastic effort by our loan management team, the valuation team at Kroll and fast-acting solicitors at Lawrence Stephens. At Recognise we have some of the most experienced property lenders in the business which, together with our commitment to investment in digital technology, means we are geared up to help push through decisions quickly and smoothly.”
A fully licensed digital bank, Recognise is on a mission to revolutionise SME banking in the UK by ensuring quick lending decisions and fast access to funds, helping to build stronger relationships with small businesses – the lifeblood of the UK economy.
As well as bridging loans, Recognise Bank’s lending products include loans for professional Buy to Let investors, commercial property mortgages as well as FSCS protected savings accounts for both personal and business customers.
