Deal completed two weeks ahead of schedule
Recognise Bank has completed a £5 million commercial loan to property company Grangewood Investments so that the developer could refinance and raise equity on two commercial investment properties on the Oakwood Hill Industrial Estate in Loughton, Essex.
One building houses serviced offices for a number of SMEs and is partially owner-occupied. The other is a development made up of repurposed shipping containers and leased to various businesses, the anchor tenant being a Costa coffee shop.
The client was introduced to Recognise Bank by advisors Jon Dibble and Michael Oats from PIA Financial Group. The deal, which was offered with an initial interest-only period, was completed quickly and ahead of schedule due to the collaboration between key stakeholders.
Oats related that he was initially concerned about finding the right lender because the assets were purely commercial, a situation which has proven tricky since the start of the COVID-19 pandemic.
“As soon as I discussed the case with Recognise Bank, any fears I had completely disappeared. The bank’s process was very easy, and the team made onboarding a pleasure,” Oats said.
Shami Sharma, business development manager at Recognise Bank, admitted that the case had a few challenges, including the quirky nature of the shipping container development and a tight timescale from the borrower.
“However, we worked as a team with the other stakeholders, which meant we were able to move quickly and efficiently to complete the deal two weeks ahead of schedule,” Sharma said.
