The bank agreed the facility at 70% LTV, equating to 77% of the purchase price for the vacant commercial property.

The deal follows a £556,000 residential bridging loan announced by the bank earlier in January for a London investment property.

The £556k loan completed at 27% LTV on a twelve-month term.

The bank funded the deal at 70% loan-to-value, providing £1.825m for the London property acquisition.

The loan has a twelve-month term, giving the developer short-term liquidity to progress their programme

Planning is sought for at least 44 affordable homes on the land.

Funding was structured in two stages, covering pre- and post-planning approval work.

The bridging loan will support plans for a new Hertfordshire co-living development.

The borrower recently completed two industrial developments with two more sites holding planning consent.

This latest deal follows Recognise Bank’s recent completion of a £1.6m bridging loan in Basingstoke and a £1.3m bridging loan in Liverpool’s Fabric District.