The loan was structured at 60% LTV and is secured against two mixed-use development sites with existing structures combining residential, equestrian and development land with a combined market value of £6.7m.
Numan Sultan, partner at Gunnercooke, acted for the bank on the legal work, while Eva Gascoigne, associate at Fisher German, provided valuation services.
Justin Trowse, managing director at Mortimer Street Capital (pictured above), commented: “This was a highly bespoke transaction, bringing together multiple asset types with different planning consents, so structuring the right solution was key.
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“Recognise Bank and its professional team took a pragmatic and commercial approach throughout, allowing us to deliver a facility that gives the borrower the flexibility to execute their business plan while providing the lender with strong underlying security.”
Heather Mitchell, lending manager at Recognise Bank, added: “SME developers are fundamental to the UK housing market, and we take our role in supporting such businesses very seriously.
“Although this transaction was complex, our team was helped throughout the underwriting process by the quality of the information provided by the team at Mortimer Street Capital and this undoubtedly enabled us to achieve a very positive customer outcome.”
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