Recognise Bank completes £5m BTL refinancing deal

Recognise Bank has announced the completion of a £5m professional buy-to-let (PBTL) refinance deal on a large portfolio of properties.

The deal follows the launch of the bank’s new PBTL proposition earlier this month.

Recognise completed the funding for a family-owned property investment company to refinance its portfolio of over 100 properties in the Manchester area. Despite the size of the portfolio, the bank completed the deal quickly under a tight timescale, providing a £5m PBTL loan at 3.49% with an LTV of 50%, fixed for five years.

Following a trial with a small number of advisers, Recognise launched its PBTL loan, which is available for professional landlords and property investors with portfolios of four properties or more, on 17 November. The product is available for both new acquisitions and to refinance existing portfolios.

“This was one of our first PBTL deals and it proved that our personal approach to the sector is really powerful,” commented Recognise regional director, London and Midlands, Jackie Skelt.

“We know that many advisers struggle getting large BTL portfolios financed with some other lenders, because they don’t have the expertise or one to one relationships needed to complete such large deals. We are already seeing a lot of interest in the new product.”

The client was introduced to the bank by Nick Bennett, Managing Director of real estate financing consultancy, Navitaur Limited, who worked closely with Recognise on the large and complex deal.

Bennett added: “I have been really impressed with the way Recognise assisted me in structuring this PTBL facility for my client. Within my client base I have a small portfolio of family owned property investment companies and the flexibility demonstrated from the top down is exactly what my clients look for.”

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