The funding was for a family-owned investment company, and the loan was a five-year fixed rate priced at 3.49 per cent with a loan to value (LTV) of 50 per cent.
The client was introduced to the lender by Nick Bennett, managing director of real estate financing consultancy Navitaur Limited.
Jackie Skelt, Recognise Bank’s regional director of London and Midlands, said that this was one of its first professional BTL deals, as well as its largest to date, and it proved its personal approach was “really powerful” as it was able to complete the deal quickly.
She added: “We know that many advisors struggle getting large BTL portfolios financed with some other lenders, because they don’t have the expertise or one to one relationships needed to complete such large deals. We are already seeing a lot of interest in the new product.”
The lender entered the professional BTL market last week after a trial with a small number of advisers. Its range is aimed at those with four properties or more and has a five-year fixed rate and variable rate option.
At the time, Recognise Bank said that there were over £20m in deals completed or still in progress.
Rates for the range start from 3.49 per cent, with a minimum loan size is £100,000 and maximum loan size of £5m. The maximum LTV is 75 per cent and it is available for new acquisitions and refinancing existing portfolios.