Mortimer Street Capital structures £7.1m development exit facility for South Bristol scheme

26 October 2026

Mortimer Street Capital has structured a £7.1m development exit facility with Recognise Bank, secured against a residential development just south of Bristol.

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 finished to a high standard throughout, 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.

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. Developers are not short of offers, and headline pricing is the easiest part of the conversation. The harder part is getting a deal done and finding a partner who understands the sponsor’s requirement and can keep pace with it. Heather and the wider Recognise team acted swiftly and effectively throughout, and the result is a facility that clears the existing debt and puts capital back to work.”

Heather Mitchell, Business Development Manager at Recognise Bank added:

“Every development has its own circumstances, and it is important that lenders are prepared to assess each case on its individual merits. This transaction demonstrates how taking a practical, considered approach can help us support developers whose funding requirements may not fit neatly within standard lending criteria.

“Working closely with Justin and the team at Mortimer Street Capital, we were able to agree on a facility at 80% LTV that gave the developer the flexibility to move forward with its next projects. It is a good example of how commercial judgement and a clear understanding of the borrower's objectives can help deliver the right outcome.”

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.