We are pleased to announce that Lawrence Stephens has completed its first deal on behalf of Recognise Bank, a recently established digital bank that specialises in SME finance.
Acting for the new bank, Senior Director, Gregory Palos, and Solicitor, Stavros Theophilou, successfully closed on a £400,000 loan secured against a recently converted HMO (house in multiple occupation). The team achieved a four-week turnaround to close the deal, which involved the repayment of an existing short-term lender before the expiration of the loan’s term.
Gregory Palos, Head of Real Estate Finance at Lawrence Stephens, said:
“We are very happy to have successfully closed on our first transaction acting for Recognise Bank. It is a privilege working with a brand-new bank with a focus on enabling SMEs to develop and flourish during this difficult period, and we look forward to our future work with Recognise.”
Jackie Skelt, Regional Director at Recognise Bank, commented:
“Gregory helped us with the quick turnaround on this deal. Time to cash is important for our clients and Lawrence Stephens has demonstrated true partnership. They appreciate the importance of both client relationships and understanding their needs. Their knowledge combined with our experience in this sector helped us assist the client in meeting their requirements efficiently.”
The completion of this deal follows Lawrence Stephens’ appointment to Recognise Bank’s inaugural legal panel, and marks a positive start to the law firm’s working relationship with this innovative new bank.