Recognise Bank has announced record bridging loan volumes for the first financial quarter ending 30th June, amounting to over £40m.
The lender said the achievement demonstrates its commitment to enhancing bridging loan offerings and rapid delivery.
James Maunder Taylor, representing brokerage Kingfisher Property Finance, said: “My clients were so impressed that they will be using Recognise Bank for all development exit bridging loans in the foreseeable future.
“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.”
James Meigh, director of lending at Recognise Bank, praised the work of the business development team. He said: “Our BDM team has had a fantastic start to the new financial year, and we are delighted to see our focused approach in this sector yield such positive results.
“We have successfully closed several significant bridging deals with strong counterparties, showcasing our ability to provide swift solutions for our borrowers.
“The use of Title Indemnity Insurance and dual legal representation have played crucial roles in our success.”
Meigh further noted the team’s ability to work under demanding timescales, stating: “Recently, we successfully completed a £5m+ bridging deal for a shopping centre in the Southeast, accomplishing the transaction in just 11 days.”
Recognise Bank, which gained its banking license in November 2021, offers commercial property loans for SMEs, professional buy-to-let loans, and bridging loans for both commercial and residential properties and land.
