Recognise Bank supports automotive business with £555k commercial mortgage

Published on

Recognise Bank has agreed a £555,000 commercial mortgage to help an automotive business purchase its own premises.

Ralph & Co. Limited, which specialises in vehicle repairs and servicing, was looking for an enhanced loan-to-value (LTV) deal to acquire its existing trading and workshop site in Surrey, which it has occupied since 2016.

Collaborating with broker, Chris Murphy of Empire Commercial Finance, Recognise Bank agreed a 70% LTV loan with a 10-year loan term to purchase the commercial premises and provide refinance for another part of the site.

Murphy approached Recognise’s business development manager Paul Bagan, having previously worked with him on a number of completed transactions.

Murphy said: “This was not the first case we’d submitted to Recognise, so we knew in advance that the Bank would work hard to make the deal work. Recognise understands the current issues facing SMEs and always looks at the bigger picture when assessing a transaction.

“Empire and Recognise worked hard to get the deal over the line, resulting in a very satisfied client. We look forward to working on other cases with Paul and the Recognise team in the future.”

Bagan (pictured), added: “The client was looking for a higher than usual LTV and appreciated the 10-year loan commitment that we were able to offer, enabling them to commit to a property which they had occupied for many years, providing stability for this successful, established business.

“Providing SMEs with affordable, bespoke commercial mortgages is one of our strengths as a lender. This case perfectly highlights our ability and willingness to create a tailored solution to satisfy the borrower’s requirements.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...