Recognise Bank has loaned £1.16m to finance the purchase of a mixed BTL portfolio in Worksop, Nottinghamshire.
The portfolio, which consists of a collection of properties on a housing development, was previously owned by a limited company.
Rather than purchasing the properties directly, the borrower sought funding to acquire the company and thus own the rental portfolio.
As part of the deal, which was completed at a fixed rate on Recognise’s Professional Buy To Let (PBTL) product, the existing company directors and shareholders left the limited entity.
Ian Fields, relationship manager at Recognise Bank, commented: “Many of our competitors would not know how to undertake this type of purchase because it is so complex.
“However, at Recognise Bank, our business development managers and loan management teams are some of the most experienced property lenders in the industry and we understood the challenge, what would be required, the steps we needed to take to ensure we could progress the deal, and which professional partners we needed to work with to ensure the deal could be completed.”
Simon Allen, the Searchlight Finance broker who brought the case before Recognise, added: “Large loans are our bread and butter, and whilst it was a complex deal for some, we knew the transaction could be done due to our experience dealing with property investors.
“Recognise were a joy to deal with and were positive all the way through the process."
