Recognise Bank has provided a £644,000 commercial bridging loan secured against a greenfield site in East Anglia where planning permission is being sought for at least 44 affordable homes.

The funding, arranged for a special purpose vehicle (SPV), enabled repayment of an existing bridging facility that had reached the end of its term. The borrower, a building contractor with a strong construction track record, was in the final stages of securing planning consent after the previous approval had lapsed under a different ownership.

The new facility, completed at 60% loan-to-value on a nine-month term, gives the borrower time to complete the planning process and proceed with the sale of the site.

Recognise Bank said the case was complicated by flood risk factors and an active planning application, but that its credit team took a pragmatic approach in assessing the deal. The lender cited both the borrower’s experience and the low level of planning risk in its decision to proceed.

The deal was introduced by Imran Raja, head of origination and relationships at First Wealth Management Ltd.

Heather Mitchell (pictured), lending manager at Recognise Bank, said: “This case was introduced by a new broker to the bank and was a deal where the clients needed a lender who could respond quickly and who could grasp and understand the risks attached.

“Working closely with the broker and the borrower allowed us to fund quickly and efficiently.”

Raja added: “I’ve been extremely impressed by the team at Recognise Bank and their ability to make a swift commercial decision, backed by prompt funding and I will definitely be using them again on our more complex bridging finance enquiries.”

Recognise Bank, which focuses on supporting SMEs and individual savers, said the transaction highlights its ability to deliver flexible and timely funding solutions for experienced developers and investors.