Recognise Bank has completed a £1.75m Professional Buy-to-Let (PBTL) deal for a PDR (Permitted Development Rights) scheme in Harrogate, North Yorkshire.
The deal, the latest since the bank launched its new PBTL proposition earlier this month, was for the refinancing of an existing bridging loan on a portfolio of residential units at an LTV of 70%.
Recognise worked with adviser Mark Craven, of NewSource Commercial Finance, on the deal for a private property investor, releasing equity to be used for the borrower’s next project.
Recognise Bank launched its PBTL loan in November, designed for professional landlords and property investors with portfolios of four properties or more.
James Meigh, regional director, North West and Yorkshire, Recognise Bank, said: “Not only was this was one of our first ever PBTL loans, it also involved the refinancing of a bridging loan, so slightly more complex than a standard buy-to-let mortgage. However, working closely with the adviser, Mark Craven, we were able to complete the deal within a matter of weeks from practical completion, giving the borrower access to equity to be used on a future development.
“It’s for cases like this, where experienced property investors need to work with lenders that understand their circumstances and the need for quick progress, that our PBTL product was created.”
Mark Craven, director of NewSource Commercial Finance, added: “Recognise Bank’s PBTL proposition was an excellent fit for this particular case. It’s a great product and it suited the client’s requirements perfectly. He let out the property, paid off the bridging finance and raised capital for additional projects.
“We were especially impressed with the communications from the bank and its solicitors. It is inevitable that challenges arise, but in this case when they did, they were dealt with quickly and effectively. The loan was completed in a shorter time than similar cases I have advised on previously.”