Recognise Bank has completed a £2.025 million bridging loan to refinance existing debt on a residential development site in Hertfordshire. The transaction was finalised within two weeks of the initial enquiry.
The 12-month facility was arranged at 60% loan-to-value for a property developer with over 30 years of experience. The security for the loan is a two-acre site with planning consent for two detached six-bedroom homes.
The borrower plans to sell both plots as land with planning consent, with the first plot to be marketed after the loan completion. A prospective purchaser has reportedly been identified for the second plot.
This rapid completion contrasts with broader market conditions, where UK property sales have seen a 7.3% year-on-year fall. The bridging finance sector continues to offer short-term funding solutions for land and development projects.