Recognise Bank has completed a £1,697,500 bridging loan to support the owner-occupier acquisition of two industrial units in West Yorkshire, with the deal introduced by Mark Jerman at Watts Commercial Finance.
The borrower, a manufacturer with more than 35 years of trading history, operates from the site and specialises in coatings, adhesives, elastomers and moulded rubber products. The business employs over 100 staff and exports globally. Acquiring the two units, which form part of a five-unit operational site, supports a longer-term strategy to strengthen its balance sheet and bring its manufacturing base into full ownership.
The facility was structured over an 18-month term at 67% loan-to-value on a serviced basis. The transaction required careful handling due to the borrower's complex banking requirements, including the need to align short-term acquisition finance with a longer-term banking solution capable of supporting international operations and a multi-facility structure.
Recognise Bank worked closely with the broker throughout, taking a pragmatic view of the trading business and asset base to deliver the facility within the required timeframe.
"This was a well-established manufacturing business with a clear rationale for acquiring its operating premises," said Paul Bagan, lending manager at Recognise Bank (pictured).
"The requirement was to structure a facility that supported the acquisition while allowing time to put the right long-term banking in place.
"We worked closely with the broker to deliver a solution that balanced speed, clarity and flexibility, giving the borrower the certainty needed to complete and move forward with its plans."
Jerman echoed that view. "This was a borrower with a well-established business with a clear strategy, but the need to align short-term funding with more complex future banking requirements meant the deal needed careful structuring.
"Recognise Bank understood the brief from the outset and worked collaboratively throughout, delivering a facility that gives the client the time and certainty needed to progress."
The deal was led by Bagan, supported by Recognise Bank's wider lending and operations team.
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