Recognise Bank has agreed a multi-million pound “loan on loan” partnership with bridging loan provider, Reflex Bridging.
Under the facility, Recognise will partially fund several of Reflex’s bridging loans, with the bank already providing in excess of £10m in funding.
The bank revealed that the deals completed so far cover a range of commercial premises and residential properties, and added that there are more in the pipeline.
Reflex Bridging was set up by property developer, Galliard Homes, and is run by executive chairman, Stephen Conway, director of investment and developments, Jonathan Morgan, and legal director, David Hirschfield. In two years, the firm has made 45 loans totalling £113m, each with asset backed security.
Morgan commented: “In a short space of time, Recognise has demonstrated to us that it understands the property sector and our business model. That know-how, plus the flexibility of the bridging facility, really underpins our trust in Recognise Bank as a new funding partner.”
Head of growth at Recognise, Ben Peters, 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.”
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