Recognise Bank has completed a £700,000 bridging loan to refinance a commercial asset in Chelmsford, with part of the facility also earmarked for maintenance and site improvements.
The borrower, an experienced commercial landlord with a background in property investment and development, was introduced to the lender by broker Chirag Sheth of Infinite Finance. The six-month loan was agreed at 54% LTV, secured against a substantial plot comprising workshops and storage buildings.
Beyond refinancing the existing facility, the deal gave the borrower a more streamlined funding position and provided capital for ongoing upkeep of the site. The planned exit is via a term loan, reflecting a structured, longer-term approach to the asset's financing. From approval to completion, the transaction took just 18 working days.
"This case involved the refinance of existing borrowing alongside a requirement to carry out ongoing maintenance and improvements to the asset," said Paul Bagan, lending manager at Recognise Bank (pictured).
"The borrower is an experienced commercial landlord with a clear plan for the property, which provided a solid basis for the transaction. The structure itself was straightforward, but timing remained important. By working closely with the broker and maintaining a clear line of communication throughout, we were able to progress the deal efficiently and complete it within a short timeframe."
Sheth echoed that view, crediting the lender's responsiveness as a key factor in the deal's smooth progression. "This was a refinance with a defined exit through a term facility, so it was important to work with a lender that could take a clear and structured view of the case," he said. "The team at Recognise Bank were responsive throughout, which helped ensure the transaction progressed smoothly."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
