Recognise Bank has completed a £1.98m development exit facility to help an Essex housebuilder progress its next project.

The bank has provided funding to Built With a View Limited, an established developer active across Essex and Hertfordshire. The loan is secured against three newly built executive homes and enables the release of capital for the purchase of a new site.

The case was introduced by Patrick Coughlan, co-founder and director at Align Property Finance Limited, and completed by Recognise Bank’s lending team to meet what were described as time-sensitive requirements. The 12-month loan was agreed at 75% LTV, offering the liquidity needed after other finance routes proved less suitable.

Recognise Bank, which focuses on lending and savings solutions for small and medium-sized businesses, said the deal supported a capable developer looking to move quickly on its next acquisition.

Paul Bagan, senior lending manager at Recognise Bank, said: “This was a strong case from a capable developer who knows their local area well. They wanted to move ahead with their next site and needed capital at pace, to do so.

“We were able to assess the completed homes quickly and step in with a clear, practical facility that met their plans. Patrick made the client’s plans easy to understand and played a key part in keeping the deal on track.”

Patrick Coughlan, co-founder and director at Align Property Finance Limited, added: “This was an important deal for the developer, and Recognise Bank understood that from the outset. Paul and the team were responsive, engaged and focused on getting the job done.

“Their approach made a real difference to the client, who can now push forward with their next project. It was a smooth process and a positive outcome for everyone involved.”