Recognise Bank has agreed a multi-million pound ‘loan on loan’ partnership with Reflex Bridging, which is run by property developer Galliard Homes.
Under the facility, Recognise will part-fund a number of Reflex’s bridging loans, with the bank already providing in excess of £10m in funding. The deals completed so far cover a range of commercial premises and residential properties, with more in the pipeline.
Reflex Bridging was set up and is run by senior executive directors at Galliard Homes, Stephen Conway, executive chairman, Jonathan Morgan, director of investment and developments and David Hirschfield, legal director. In two years, Reflex Bridging has made 45 loans totalling £113 million – each with asset backed security.
Hirschfield said: “While maintaining a competitive rate at attractive gearing levels, Recognise has been able to conclude each funding at speed. Helping to get acquisitions completed quickly and satisfying the needs of our ultimate borrowers is of vital importance to Reflex.”
Ben Peters, head of growth at Recognise Bank, who is managing the relationship with Galliard and Reflex, added: “Personal relationships are vital to Recognise, and the new partnership with Galliard and Reflex exemplifies the value and importance of our approach.
“Reflex needs to act fast on acquisitions and by working with us they know we completely understand their needs and will be able to move quickly and efficiently to support their bridging loan requirements.”