The site is a mix of disused warehouses and offices, located on a greenbelt and brownfield location in Sheffield.

It’s a complex property, with asbestos present due to the age of the buildings and the risk of subsidence resulting from the historic extraction of minerals.

Funding for this project was agreed in two stages: pre and post planning approval, to be spent on demolition and preparing the site for development. The final loan amount was £2.04m at 60% LTV on a 12-month term.

This deal was done by Ryan Dixon, managing partner at GSB Capital Limited, a new broker for Recognise Bank.

Heather Mitchell, lending manager at Recognise Bank (pictured above), said that the complexity of the case would have defeated many lenders.

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“However, Ryan at GSB Capital provided a very well packaged case and understood what information we needed up-front to help us make a swift decision,’’ she said.

“The experience of the borrower was key in agreeing this deal too, as with other projects in the pipeline, it was clear what their plans were and how this funding would enable them to fund these future projects.”

Ryan added: “Our client needed to find a lender who would not only make a quick decision, but one that could grasp and fully understand the risks surrounding the wait for planning.

“This was whilst also recognising the positives and upsides of the deal, which ultimately mitigated these risks.

“The team at Recognise Bank did all this and enabled the funding to quickly happen with little fuss.

“As a first-time broker to the bank, their efficiency and knowledge gives me immense confidence when I undoubtedly introduce my next deal to them.”