The facility will also release capital to support the borrowers’ trading business.

The loan was arranged for a couple who own a period mews property in South Kensington, London.

The property was undergoing renovation works to upgrade and modernise the home, with a long-term plan to rent it out once completed.

The deal was introduced by Justin Trowse, managing director, and Seona Patton, associate in debt advisory, at Mortimer Street Capital and completed on a 12-month term with retained interest.

The facility was agreed at 27% LTV and allowed the borrowers to release equity from an unencumbered property purchased within the previous 12 months.

Alongside the property investment, the borrowers ran a trading cosmetics business in the UK and overseas. The funds were required quickly to support an imminent marketing campaign and to ensure the renovation works could continue over the festive period.

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The deal was completed by Heather Mitchell, lending manager at Recognise Bank (pictured above), and managed by Matt Dalton, lending operations manager, working closely with the wider lending team.

This was the first completed transaction introduced to the bank by Mortimer Street Capital.

Heather commented: “This case shows the importance of listening closely to the broker and understanding the client’s position from the outset.

“The borrowers had clear plans for the property and their wider business, and the funding needed to work around both residential and commercial elements.

“It was a relatively simple deal in structure, but the key factor was how quickly it needed to complete. Releasing capital for business purposes alongside a residential property is not something every lender will consider, so speed and clarity were vital.”

Justin added: “This was our first completed deal with Recognise Bank and the process was straightforward throughout.

“This enabled the clients to proceed with both the renovation and their wider business plans without delay.”