Recognise Bank provides £1.37m bridging loan in Preston

By Bridging Loan Directory 20th February 2024

Recognise Bank has announced the provision of a bridging loan totalling £1,378,000 to enable repayment of development funding on a completed residential project.

The bank’s client, William Thompson Homes – an experienced house builder, had recently completed the construction of a new housing development of seven high-spec executive houses in Goosnargh, Preston, with the last three of these currently being marketed for sale.

Recognise Bank provided funding to redeem the outstanding loan being secured by these remaining properties, so accommodating the clients plans to sell in the New Year as market conditions improve.

The release of additional funds allowed the company to move on to their next project, retaining key tradespeople who are an essential part of their successful team.

“Our client required a bank which would provide a flexible finance package within a tight budget” explained Paul Bagan, Business Development Manager at Recognise Bank.

“Their business plan was to sell the remaining properties for an optimum return, whilst securing the continued employment of key individuals.

Our dedicated team of experienced managers were able to move quickly, structuring a loan to meet the requirements of all related parties and ensuring the funds were released within the extremely short timescale.

Additionally, we agreed to a future staged redemption plan that aligns with the properties’ anticipated sales values.

This positions Recognise to offer further assistance to William Thompson Homes in the near future.”

Chris Johnson of Bespoke Property Finance Consultants Limited added:

“Our client needed a lender who could move swiftly and adopt a flexible approach.

Recognise Bank was the perfect choice.

Working closely with the client and the Recognise team, we successfully met the tight timescale. This collaboration will continue as the properties sell and the loan is redeemed.’’