Recognise Bank has successfully completed a £4,225,000 commercial property bridging deal in Hertfordshire.
The bridging facility will enable the client to seek revised planning permission for a major transformation of the site. Currently approved for a 124-bed hotel, the new plans involve developing an innovative co-living development comprised of over 300 units. This shift reflects the growing demand for community-focused living solutions in urban areas and is just one response to the challenges the residential sector has faced in recent months.
Through Recognise Bank’s personalised lending process, senior lending manager Ian Fields and his team were able to craft a bespoke strategy which took into consideration the complex requirements involved in the deal. Notably the transition in development planning, speed of processing and an understanding of the proposed concept.
The deal is the latest transaction in Recognise Bank’s growing portfolio of bridging loans that support alternative living models.
Ian Fields, senior lending manager at Recognise Bank, commented: “This deal is a great example of how our personalised approach to lending allows us to support forward-thinking projects such as these. We are delighted to have partnered with Colin and the LDN Finance team to support the client’s novel growth plans.”
Broker, Colin Anderson of LDN Finance, added: “Recognise Bank brought exactly the kind of insight and responsiveness our client needed in order to navigate a complex brief. Ian and the team demonstrated a clear understanding of both the challenges and potential of the deal. Their collaborative and agile approach helped us to deliver a strong outcome – and a very happy client. We look forward to working with Recognise again in the future.”
