Jason Caprioli, lending director at Kingswood Associates, advised on the case for the experienced property developer client.
The loan allowed the client to refinance an existing acquisition loan and move on to the next phase of the development which comprises of 19 homes and includes the refurbishment of an existing lodge on the site.
The bridging loan had a rate of 9.6 per cent per annum at a loan to value (LTV) tier of 65 per cent.
Caprioli said: “This is an exciting project and Recognise Bank was able to structure and support our client’s green-centred development in Cambridgeshire. The key to success was its team, who combined experience, dynamism, speed and flexibility.
“While it was our first engagement with Recognise Bank, we can’t wait to work with the bank again. Going into 2022 it’s great to see a new bank able to support ever larger opportunities with its growth strategy and appetite.”
Shami Sharma (pictured), business development manager for London at Recognise Bank, added: “This was our first case with Kingswood Associates and Jason worked hard with us to meet his client’s requirements.
“It was a complex deal, but we could see the developer was an experienced player in the market and we came up with a loan structure that worked for all parties. It clearly shows how hard we will work to get complicated cases over the line.”