Recognise Bank has completed a £1.836m bridging loan to support the acquisition of a new commercial site in Harlow. The 18-month serviced bridging facility was completed at 57% LTV and was introduced by Commercial Manager, Matt Stevenson of Watts Commercial Finance.
The mixed-use site includes residential accommodation, industrial units and yard space. It will become the new commercial premises for the SME borrower, whose trading business operates within the civil engineering sector.
The borrower needed to complete the acquisition within a matter of weeks, making a bridging facility the most suitable option to provide the required speed and certainty. The planned exit is through longer-term finance.
Recognise Bank worked closely with Watts Commercial Finance to assess the mixed-use site and put in place a facility that enabled the business to proceed within the required timeframe.
Paul Bagan, Senior Lending Manager at Recognise Bank, said:
“The client had identified a site which suited the needs of its trading business, but the key requirement was being able to complete the acquisition within a matter of weeks.
“We took a practical view of the property and the borrower’s plans for the site, working closely with Matt and the Watts Commercial Finance team to put the right bridging structure in place. The facility gave the client the confidence to complete the purchase, with a clear exit into longer-term finance.”
Matt Stevenson, Commercial Manager at Watts Commercial Finance, added:
“The client had identified the right premises for the next stage of its business, so it was important to work with a lender that understood the requirement and could make decisions within the timeframe we were working towards.
“Recognise Bank was decisive from the outset and worked closely with us throughout the process. Their practical approach and clear communication helped keep the deal moving and gave the client the certainty it needed to complete the acquisition within a matter of weeks.”
To learn more about Recognise Bank’s commercial property lending, visit: https://recognisebank.co.uk/commercial-mortgage
