# Mortimer Street Capital and Recognise Bank Close £7.1 Million Development Exit Facility in South Bristol

> Mortimer Street Capital structured a £7.1 million development exit facility with Recognise Bank for a South Bristol residential scheme.

- Published: 2026-10-26T12:19:00+00:00
- Section: Funding
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-26/mortimer-street-capital-bristol-development-exit-facility
- Source: [Ukpropertyforums](https://ukpropertyforums.com/mortimer-street-capital-structures-7-1-million-development-exit-facility-for-south-bristol-scheme/?utm_source=rss&utm_medium=rss&utm_campaign=mortimer-street-capital-structures-7-1-million-development-exit-facility-for-south-bristol-scheme)

## Key takeaways

- Mortimer Street Capital structured a £7.1 million development exit facility with Recognise Bank for a residential scheme just south of Bristol.
- The facility is secured over seven completed units, four sold subject to contract, and two plots at damp proof course stage.
- Recognise Bank agreed the facility at 80 per cent LTV, and the funds redeemed existing development finance and released capital for further site acquisitions.

Mortimer Street Capital has structured a £7.1 million development exit facility with [Recognise Bank](https://akta.pro/company-profiles/00026ce/recognise-bank), secured against a residential development just south of Bristol. UK Property Forums [reported](https://ukpropertyforums.com/mortimer-street-capital-structures-7-1-million-development-exit-facility-for-south-bristol-scheme/?utm_source=rss&utm_medium=rss&utm_campaign=mortimer-street-capital-structures-7-1-million-development-exit-facility-for-south-bristol-scheme) the facility on October 26, 2026. The transaction was led by Justin Trowse at Mortimer Street Capital, with Heather Mitchell acting for Recognise Bank and Numan Sultan acting on the bank's legal side.

## How the South Bristol Facility Was Secured

The facility is secured over seven completed units, four of which are sold subject to contract, together with two additional plots currently at damp proof course stage. The scheme delivers modern living accommodation, including the latest smart home technology. Each home carries a Zero Bills guarantee for ten years under the Octopus Energy Zero Bills initiative, giving purchasers certainty over energy costs for a decade from completion.

Funds were used to redeem the existing development finance facility and to release capital for the developer's further site acquisitions, allowing the borrower to move onto its next schemes without waiting on the remaining sales to complete. Heather Mitchell, business development manager at Recognise Bank, said: "Working closely with Justin and the team at Mortimer Street Capital, we were able to agree on a facility at 80 per cent LTV that gave the developer the flexibility to move forward with its next projects."

Justin Trowse, managing director of Mortimer Street Capital, said: "Orchestrating funding for a mid-sized developer is a moving feast. Sales positions shift, programmes move, and the next site rarely waits." Trowse added that "the result is a facility that clears the existing debt and puts capital back to work."

Recognise Bank reported a post-tax profit of approximately $12.0 million for the year ended 31 March 2026, reversing a $7.1 million loss from the previous year following a strategic transformation initiated in May 2025, IBS Intelligence reported.

## Recent Lending Deals Across Real Estate Credit

Equus Capital Partners affiliates pulled nearly $69 million in cash from a Phoenix industrial portfolio, securing a $718 million refinancing, [Costar](https://www.costar.com/article/530249123/equus-pulls-nearly-69-million-in-one-of-phoenixs-largest-ever-industrial-loans) reported on October 21, 2026. Pearlmark closed a $10 million mezzanine loan on September 4, 2026, to refinance its East Village Portfolio, a six-property, 115-unit multifamily development, [The future of trading](https://capital.com/en-int/news/pearlmark-closes-10-million-mezzanine-loan-for-east-village-portfolio) reported on October 15, 2026. Terra secured a $183.8 million loan to refinance a newly completed wellness-focused office complex in Bay Harbor Islands, Fla., [Commercial Observer](https://commercialobserver.com/2026/10/terra-well-miami-tom-brady-monroe-bay-harbor-islands/) reported on October 14, 2026. FPA announced a long-term strategic relationship with Tioga Capital, a real estate credit firm, and plans a minority investment, [Business Wire Blog](https://www.businesswire.com/news/home/20261021917557/en/FPA-Expands-into-Private-Real-Estate-Credit-with-Tioga-Capital-Strategic-Relationship) reported on October 21, 2026.

## Companies in this story

- mortimer street capital · website: https://mortimerstreetcapital.com
- [Recognise Bank company profile](https://akta.pro/company-profiles/00026ce/recognise-bank) · website: https://www.recognisebank.co.uk

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