Recognise Bank has completed a £1.98m development exit loan for Built With a View Limited to support the purchase of a new plot in Essex.
The facility is secured against three newly built executive homes and releases capital to help the developer progress its next scheme in the region.
The transaction was introduced by Patrick Coughlan, co-founder and director at Align Property Finance Limited, and completed by Recognise Bank’s lending team to meet the borrower’s time-sensitive funding needs.
The loan, advanced at 75% LTV on a 12-month term, provided liquidity after other routes proved less suitable.
Recognise Bank said it was established to provide lending and savings solutions around the needs of small and medium-sized businesses.
Paul Bagan, senior lending manager at Recognise Bank, said: “This was a strong case from a capable developer who knows their local area well.
“They wanted to move ahead with their next site and needed capital at pace, to do so. We were able to assess the completed homes quickly and step in with a clear, practical facility that met their plans. Patrick made the client’s plans easy to understand and played a key part in keeping the deal on track.”
Coughlan added: “This was an important deal for the developer, and Recognise Bank understood that from the outset.
“Paul and the team were responsive, engaged and focused on getting the job done.
“Their approach made a real difference to the client, who can now push forward with their next project. It was a smooth process and a positive outcome for everyone involved.”
