Recognise Bank has completed a £2.95 million bridging loan for an office-to-residential conversion project in Shrewsbury. This funding allowed the developer to repay existing development finance and proceed with the final stages of the project.
The loan is secured against a newly converted six-bedroom residential property, which includes a separate one-bedroom staff annexe in the Shropshire town. Recognise Bank used title insurance to meet legal requirements, enabling the transaction to be completed within a tight timeframe.
This deal reflects increased activity in the bridging finance sector, as developers and landlords navigate current lending conditions. The conversion market continues to attract finance, with office-to-residential projects progressing across the UK.
Following this completion, the same client has submitted a further application for bridging finance, secured against two newly renovated residential properties. This indicates ongoing demand for short-term property finance in the regional conversion market.