Recognise Bank has completed a £550,000 commercial mortgage for a property investment firm to acquire a retail unit in Bournemouth, currently being used as a Korean Japanese restaurant.
The borrower, Nofesh Ltd, was introduced to Recognise Bank by mortgage broker Asher Goldman, of Goldman Property Finance Ltd, who had dealt with Recognise before.
Recognise provided a commercial mortgage for £553,800 at 65% loan to value (LTV). The property will continue to be used as a restaurant, which is part of a national chain.
Goldman said: “As the country recovers from Covid, we’re seeing more interest from clients in properties in the hospitality and leisure sector, and this case is a perfect example. We found Recognise Bank has a real appetite for such cases and the deal went through without any hitches.”
Ossie Mocton, director of Nofesh Ltd, added: “We had previously dealt with Recognise so had no problems doing so again. They clearly understood where we were coming from, and the application process was relatively
straightforward. We found their team to be willing and able and it was a smooth transaction. We would certainly deal with Recognise again.”
James Meigh, director, business development at Recognise Bank, concluded: “We have seen an increase in lending applications from the hospitality sector in recent months since the easing of pandemic-related restrictions.
“While there are clearly significant economic challenges ahead for businesses and consumers, a deal like this is good news for the retail and hospitality sector, which in turn is a positive sign for the economy as a whole.”