Recognise Bank has completed a £2m loan for an office premises in just 23 days from credit being agreed to the funds being drawn down.
The deal was for a commercial property loan with an LTV of 65% for an office in Manchester, which was acquired by a professional property investor.
Recognise Bank supports the SME sector by offering lending via a network of regionally based relationship managers and support teams, backed by cloud-based technology to provide faster access to funds.
The firm’s relationship manager, Paul Bagan, and lending manager, Mathew Baker, worked closely with adviser Mark Jerman of Watts Commercial Finance, as well as a team of lawyers and surveyors to complete the complex deal in time.
Jerman commented: “Paul and Matthew were an absolute pleasure to deal with. It was a very streamlined and joined-up approach between them both: communication was timely, accurate and relevant, and we completed very quickly.
“The valuation turnaround was amazing with Paul engaging the valuer early and in readiness. It was an absolute pleasure, so on to the next deals with Recognise.”
Bagan added: “This was a relatively complex loan and of course the timescales were extremely tight, so the key for us was good communication, both with the broker and the client, but also with all the other parties, such as the lawyers and surveyors.
“The way the Recognise deal team is set up, it means Mathew Baker and I work closely together from the very start of the application process, sharing information quickly and updating each other on progress. It means we can handle any challenges quickly, and importantly, we can give our broker partners and their clients the quick decisions and funding they need.”
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