Recognise Bank has completed a £5m professional buy-to-let (PBTL) refinance deal on a large portfolio of properties.
The bank completed the funding for a family-owned property investment company to refinance its portfolio of more than 100 properties in the Manchester area.
Despite the size of the portfolio, Recognise completed the deal under tight timescales.
The bank provided the £5m PBTL loan at 3.49% with an loan-to-value (LTV) of 50%, fixed for five years,
The client was introduced to the bank by Nick Bennett, managing director of real estate financing consultancy Navitaur Limited, who then worked closely with Recognise Bank on the deal.
Jackie Skelt, regional director for London and Midlands at Recognise Bank, said: “This was one of our first PBTL deals and it proved that our personal approach to the sector is really powerful.
“By working with Nick Bennett, we were able to meet his client’s requirements and complete the multimillion-pound deal quickly.
“We know that many advisors struggle getting large buy-to-let 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.”
Nick Bennett, managing director, Navitaur Limited, said: “I have been really impressed with the way Recognise Bank 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.
“It has been a real pleasure to work with Recognise Bank and benefit from its service offering, with real relationship banking, including pragmatism and autonomy.
“From my initial experience this model should be incredibly successful.”