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TAB on-track for £200m of lending in 2022 after record April

  • 03/05/2022
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TAB on-track for £200m of lending in 2022 after record April
Bridging lender Tab has recorded its highest ever completions in a month over April, putting it on track to lend over £200m this year.

In April, the lender said that it had completed 11 loans coming to around £23.69m. This is up from its record of £17m in March.

It added that the success came off the back of its largest ever loan at more than £13m.

The lender said that more than £40m of loans have been redeemed this year, and that it had made £179m of loans to date. Its loan book is worth more than £96m.

Duncan Kreeger (pictured), chief executive and founder of Tab, said that over the course of the past few months it had deals ranging from several million pounds in value, to smaller deals requiring speed and quick turnaround as the drawdown was impacted within days of the formal offer being issued.

He said: “Our tech is speeding up applications and the amount of data we are collecting is also deepening. That’s generating meaningful insights that are helping us evolve to suit our clients’ needs.”

Kreeger said that over the coming year, Tab is looking to “capitalise on the success” of 2021, adding that “we are here to fund loans, and that is our focus”.

“With multiple sources of capital from private investors and institutions, and our emphasis on trust and transparency, Tab is going from strength to strength. In fact, we are on track to lend more than £200m this year,” he added.

TAB was launched in 2018. It offers bridging and development loans ranging from first charge residential and commercial, second charge residential and commercial, land with planning, development finance, and refurbishment loans.

It recently secured a revolving credit facility from Atalaya Capital Management, which at the time it said would be used to fuel growth and finance bridging and development loans.

Kreeger said in November last year that Tab was aiming to write £100m in development finance over the next 18 months, adding that there was a gap in the market in the under £5m segment.

In March this year, the lender conducted a poll of its brokers which found almost half, 46 per cent, said that development finance was “hotter” than the bridging market.

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