Recognise Bank ended another successful year with the provision of three bridging loans, to three separate Cumbrian families introduced by a key brokerage — Lakeland Commercial Finance, based in Kendal. 

All three loans were originated by Ian Fields, BDM at the bank’s Manchester office (pictured above). 

Two of the loans were to Cumbrian farming families, one of which has successfully diversified their farming business income with the provision of holiday accommodation in Penrith, an area still benefiting from the popularity of staycations.

This loan was used to facilitate the exit of a third-party investor allowing this husband-and-wife team to drive through their growth strategy. 

The second loan, for almost £1m, with an LTV of 57% was provided to an Ulverston-based couple who already own and operate an established and successful farm who had identified a larger farm a few miles away that would facilitate their plans for growth.

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The 12-month bridging loan enabled them to secure their ideal purchase and continue with the expansion of their various businesses whilst the sale of their original farm completes.

To underwrite the third of these loans, Recognise needed to fully understand the historic letting activity of a luxury 24-bed country house which has been owned by the applicant for over thirty years.

The £1.2m loan also enabled an element of equity release to help progress an unrelated residential development owned by the borrower. 

Ian said: "We are thrilled to announce the successful provision of three impactful bridging loans before the close of the year.

“The bank has a strong appetite for bridging transactions of all kinds and these three deals demonstrate the level of commercial activity in this picturesque part of the world.

“Our bespoke approach has allowed us to work well with Steve and the team at Lakeland Commercial, and we look forward to doing more business with them in 2024.”

Steve Dunne, director at Lakeland Commercial, said “It was great to work with Recognise Bank across these three deals and will have no hesitation in partnering with the Bank in the future to accommodate our client requirements.”