Recognise Bank is thrilled to announce the approval of a Bridging Loan amounting to £7,500,000. The loan has been extended to support the costs associated with a visionary project following the signing of a long leasehold agreement.
Currently, the site in Canary Wharf comprises a vacant office block, with plans in place for its demolition and transformation into a cutting-edge 46-storey Co-Living accommodation. The redevelopment is set to encompass 795 units, a residents’ lounge, cinema room, fitness studio, and gym. The funds from the Recognise Bank Bridging Loan will play a pivotal role in advancing this ambitious project, as well as contributing to an equity raise for upcoming ventures.
The loan term for this substantial financial support is set at 12 months, by which time the borrower will be in a position to progress with this ground up development. Recognise Bank’s commitment to fostering innovative and forward-thinking projects aligns seamlessly with the vision for this transformative Co-Living space in the heart of Canary Wharf.
Ben Peters, Director of Strategic Partnerships at Recognise Bank, expressed enthusiasm for the collaboration, stating: “This project perfectly encapsulates Recognise Bank’s dedication to supporting groundbreaking initiatives in real estate. We are proud to be part of such an exciting venture that combines innovation, sustainability, and community living.”
Mark Slatter, of Olympian Homes, shared his satisfaction with Recognise Bank’s service, saying, “Working with Recognise has been a great experience as they have been flexible but also acted quickly and very professionally. This facility will allow us to commence site investigation works, progress the scheme design to BSA Gateway 2 and demolish the existing structure in preparation for seeking an equity partner to build out the project. Many thanks to the team at Recognise for their support.”
Recognise Bank is committed to providing tailored financial solutions that empower borrowers to turn their dreams into reality. This bridging loan exemplifies the digital challenger’s dedication to fostering progress and development in the real estate landscape.