This article was originally published in Bridging and Commercial Magazine on 25 August 2026.
The most interesting specialist lending deals rarely fit neatly into a box. Hotels, leisure assets, mixed-use estates and properties with future development potential don’t always fit neatly into traditional lending criteria, but for experienced brokers and specialist lenders, these are often the transactions where genuine value can be created.
Success in these markets depends on more than simply assessing bricks and mortar. It requires lenders, brokers and valuers to understand the wider story behind an asset, the borrower’s long-term objectives and how the business will evolve over time.
A recent £4.75 million bridging transaction completed by Recognise is a good example.
The deal involved a long-established family-owned estate in Scotland, comprising a hotel, two 18-hole golf courses and land with planning consent for a new golf driving range, alongside proposals for future holiday lodges. The client wanted to refinance existing borrowing while releasing additional capital to invest in improving the estate and supporting the next phase of its development.
For broker John Hewitt, Director at Lathro, the transaction began long before any lender became involved.
Having worked with the client for many years, he understood not only the existing borrowing arrangements but also the broader ambitions for the estate. As discussions progressed, it became clear that consolidating several facilities into one structured loan would provide the flexibility the business needed.
After reviewing the specialist lending market, John identified us a viable lending option and the process became a genuinely collaborative exercise. Over several weeks, he worked closely with the client to gather detailed financial and operational information while maintaining regular dialogue with the lending team as the proposal progressed through credit approval.
Complex deals are rarely straightforward – that’s rather the point of specialist lending. Multiple income streams, varied asset classes and future development plans inevitably generate questions, but when brokers have a deep understanding of their clients and lenders have direct access to decision-makers, those conversations become productive rather than problematic.
The more we understood about the estate, the clearer it became that the valuation alone didn’t tell the whole story.
The underlying assets were established, the family had owned and operated the estate for generations, and there was a clear, credible strategy for creating additional income through further investment. Rather than viewing the hotel, golf course and development land as separate components, we assessed how they worked together as a single business with a well-defined growth plan.
That holistic assessment allowed us to structure a £4.75 million bridging facility that not only refinanced existing debt but also released capital to fund refurbishment works, site preparation for the new golf range and costs associated with securing further planning permission.
Specialist lending is often described as relationship-driven, and transactions like this show why. Every participant brought different expertise: the broker understood the client, we focused on structuring the right solution, and the valuer provided independent insight into both the existing asset and its future potential.
My view is that the commercial property market will continue to produce more of these complex, less conventional opportunities. Investors are diversifying, businesses are looking for new ways to maximise the value of their assets, and many of the best transactions simply won’t fit neatly into a standard lending model.
That’s where specialist lenders need to earn their keep. We have to be prepared to look beyond a checklist, work closely with good brokers and experienced valuers, and properly understand the story behind the numbers.
That doesn’t mean stretching appetite or ignoring risk. Far from it. It means asking the right questions, getting close to the detail and making informed lending decisions based on the whole picture.
When the broker, lender, and valuer all bring their expertise to the table, complexity doesn’t have to be a barrier. Sometimes, it’s exactly where the opportunity lies.
