Recognise Bank has completed a £2 million loan for a Manchester city centre office premises in 23 days from credit being agreed to the funds being drawn down.
The bank’s relationship manager Paul Bagan, along with lending manager, Mathew Baker, worked with adviser Mark Jerman, senior commercial manager of Watts Commercial Finance, and a team of lawyers and surveyors to complete the complex deal in time.
The deal was for a commercial property loan of just over £2 million, with an LTV of 65%, for an office in the heart of Manchester, which was acquired by a professional property investor.
Jerman said: “Paul and Matthew were an absolute pleasure to deal with. It was a very streamlined and joined-up approach between them both: communication was timely, accurate and relevant, and we completed very quickly.
“The valuation turnaround was amazing with Paul engaging the valuer early and in readiness. It was an absolute pleasure, so on to the next deals with Recognise.”
Bagan (pictured) added: “This was a relatively complex loan and of course the timescales were extremely tight, so the key for us was good communication, both with the broker and the client, but also with all the other parties, such as the lawyers and surveyors.
“The way the Recognise deal team is set up, it means Mathew Baker and I work closely together from the very start of the application process, sharing information quickly and updating each other on progress. It means we can handle any challenges quickly, and importantly, we can give our broker partners and their clients the quick decisions and funding they need.”
