The Hertfordshire-based bridging lender said the 48-hour £5.1m, 61 per cent loan to value (LTV), nine-month first charge “mega-loan” was set against an £8.5m property in Kensington.
The lender said the loan came in on the afternoon of 21 June before the borrower said they would try another lender. The next day, the loan came back in as the borrowers needed to complete it within the next 24 hours or they would lose their deposit.
In 2021, Tab’s loan book was worth approximately £50m.
Duncan Kreeger (pictured), chief executive and founder of Tab, said: “Over the course of the last six months we’ve been working hand in hand with brokers and June has been no exception.
“We have done some massive multi-million pound deals as well as some really fast ones where our tech has been tested as we speed up applications – and one mega-loan which was both quick and large. It’s a testament to our products, our pricing, and our service proposition.”
Emmanuel Johnson, the Tab underwriter responsible for the loan said: “The seller of the property is based in Hong Kong. The purchaser was an ultimate beneficiary owner based in Switzerland. We had to deal with multiple time zones.
“It was a challenging deal but we had access to the key decision makers as well as the pertinent information, and all parties involved moved fast. We were quickly able to get comfortable with the borrower and the security.”
He said that turning around a loan of this size within 24 hours was what bridging, and Tab, was about as flexibility, speed and prioritisation were key.
Zach Matai, managing director at M&M Commercial Finance, which introduced the loan, said: “When we need something done quickly, we turn to Tab who consistently deliver. Completing complicated loans like this in a week can be a challenge.
“But once Tab confirmed this could happen in 48 hours, we all worked together tirelessly until completion. A great achievement on a large and complex deal by the team at Tab.”
Kreeger added that the firm had access to institutional funding and private investor capital and its target was for the firm to lend £200m this year.
He said that it already lent more than the first five and a half months than it did in 2021 it would “knock this target out the park”.