Bridging loan will refinance land earmarked for £76m residential development
A £3.6m bridging loan has been granted to refinance a plot of land earmarked for residential development in Liverpool’s Fabric District.
London-based Recognise Bank provided the loan 21 days after credit approval.
The plot of land benefits from planning permission for the development of two residential towers, providing 365 units, in Liverpool’s Fabric District, known as Islington Quarter.
The borrower, David Cain, purchased the site out of administration in 2023 and has made various enhancements to the planning, and will use part of the funds to support the £76m scheme’s delivery.
The loan was led by business development manager, Courtnay Orange, and loan manager, Stephen Faulkner, who worked with broker, Sinead Cowgill, of Eight Finance Group, marking the start of a new broker relationship for Recognise Bank.
Eight Finance Group, which was only incorporated in November 2023, is based in Stockport.
Courtnay Orange said: “We are proud to have supported David Cain with this significant bridging loan.
“Speed and certainty are critical in bridging finance and this deal demonstrates Recognise Bank’s credentials.
“It has been fantastic working with Sinead, who I’ve known for many years and we look forward to building on this relationship in the future.”
Sinead Cowgill said: “This has been a fantastic first deal with Recognise Bank – Courtnay, Stephen and the wider lending team have been a great support and showed a real understanding of the borrower’s needs.
“Their professional and proactive approach has been crucial, our mutual client was delighted with the service received and we look forward to working together again in the future.”
David Cain is part of Liverpool-based Mellior Group Holdings, which was founded in August 2022.
Mellior bought the Islington Quarter site in December 2023.
The site was previously being developed by YPG but had been stalled since 2021 after two vehicles attached to the project – YPG Investar Islington House and YPG Fabric Residence – collapsed into administration.
