The loans utilised an existing commercial property as makeweight security, allowing 100% funding for a complex residential purchase, said Recognised
The Bank’s relationship team facilitated five separate purchases involving five different vendors and their respective solicitors.

The commercial property landbank element, formerly a car park earmarked for redevelopment, provided an equity release to complete on five separate residential properties and provide additional finance for the associated refurbishment works.

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These residential houses, located in and around Nottinghamshire and Derbyshire, are planned be leased to SERCO for five years for vulnerable individuals and families.

On completion of the refurbishment, the bank plans to support the client through the provision of term debt which will allow them to progress another property investment and continue their growth aspirations.

Ian Fields, BDM at Recognise Bank (pictured above), said: “The deal was complex, involving two separate loans providing 100% finance on a transaction involving multiple vendors and their respective professionals.

“However, it is always gratifying to assist a landlord dedicated to supporting vulnerable individuals while supported by a strong brokering practice such as Commercial Expert who ensured a smooth drawdown across five different properties."