Recognise Bank has agreed a £2.6 million refinance package for Caldew Court, a 35-unit mixed residential development in Carlisle, consisting of 15 two-storey three-bedroomed townhouses, 15 two-bedroomed apartments and five one-bedroomed apartments.
The borrower, Wayne McKnight of McKnight and Son Builders Ltd, wanted to refinance an expiring loan. Steve Dunne of Lakeland Commercial Finance, the company’s funding adviser, introduced the deal to Recognise Bank and worked with Business Development Manager Ian Fields to complete the transaction.
Caldew Court was ideally suited for Recognise Bank’s Professional Buy-to-Let (PBTL) loan, which is specifically designed for property investors with a portfolio of four properties or more. Recognise provided a five-year fixed interest only PBTL loan for £2.6 million at 75% LTV, with a capital and interest repayment slice in years four and five.
Dunne said: “This was the first deal we’ve completed with Recognise Bank and we found its PBTL product was ideal in this instance; it does what it says on the tin. As with most cases there were minor challenges along the way, but the deal got over the line in good time thanks to the smooth legal process. We have already placed further Lakeland Commercial customers with Recognise and look forward to building on our relationship with the Bank going forward.”
Fields added: “This is another example of how our PBTL product can be used. Despite the large number of units within the development, our understanding of the sector and our one-to-one relationship with Steve Dunne meant we were able to provide his client with the right refinance deal.”
