TAB completes £34m-worth of bridging loans in August

The lender said all eight of the bridging loans last month were TAB Tracker loans, a variable rate product it introduced in May.

The company said its August performance exceeded its previous high in April, when it completed 11 loans for a total of  £23.7m.

Within the August deals was the completion of a £5,520,000 first-charge residential loan secured against a 53-storey block of residential flats in Canary Wharf in East London. The borrower was seeking money to buy 14 flats at 30 per cent discount to the valuation: TAB financed nine and a different bridging lender financed the other five.

Resort hotel project

TAB’s loan book now stands at approximately £145m, it said, boosted by lending against a £9.12m three-storey mansion in rural Berkshire which the developers hope to turn into a boutique hotel with 53 rooms, six detached lodges and the requisite spa, boathouse, pool and tennis court.

The 12-month, £5,928,000, 65 per cent loan to value (LTV) first-charge loan will be used to make a further agreed stage payment. Planning permission was granted in April and the property was purchased in June by a high-net-worth individual, TAB said, and will exit TAB’s loan through development finance.

Bespoke solutions

Duncan Kreeger (pictured), chief executive and founder of TAB, said: “The team has been hugely busy as we have sourced and written loans, providing bridging and development finance for residential and commercial assets over the course of the month.

“These loans would not necessarily have ticked all the boxes for traditional lenders working via old-fashioned computer algorithms, and we’ve gone the extra mile to find some pragmatic bespoke solutions that work in the real world, in conjunction with our broker partners.”

He said that what he called TAB’s cutting-edge technology contributed to its being able to “move so swiftly on some very complex deals”.