Revealed - TAB lends £34m in August

Hertfordshire-based bridging lender TAB completed an impressive £34 million of loans back in August – up from £30 million in June and July.

During August, the lender completed 8 loans, totalling £34 million, beating their previous record month, set in April when they met 11 loans totalling £23.7 million.

Duncan Kreeger, chief executive officer 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 pragmatic bespoke solutions that work in the real world, in conjunction with our broker partners. It is a testament not only to our expert team; but to our problem-solving, entrepreneurial attitude and commercial approach to underwriting; and to the innovative technology that we have been able to be so flexible and move so swiftly on some very complex deals.”

Kreeger concluded: “We are committed to environmental, social, and governance issues and that - as well as our commitment to trust and transparency - has underpinned every loan we have made over the course of the month. I am also pleased to say that all eight of the bridging loans we wrote over the course of the month were TAB Tracker loans, a variable rate product we introduced in May. This illustrates how TAB combines outstanding broker service and innovative products.”

Finances that make sense

August’s loans included completing a £5,520,000 first charge residential deal secured against a 53-storey residential block of flats in Canary Wharf. The borrower needed funds to purchase 14 flats at a 30% discount for the valuation, given the sheer volume of properties purchased.

Five of the flats were financed by another short-term lender, and TAB ultimately financed the remaining nine properties.

TAB is also lending against a £9,120,000 three-story mansion and country estate in rural Berkshire – with planning permission for development – which was purchased for £10 million in June 2022.

The 12-month, £5,928,000, 65% LTV first charge loan will be used purposefully to make a further agreed stage payment following the purchase of the building. The property will be converted and refurbished into a boutique hotel and spa, comprising 53 rooms, six detached lodges, a coach house, a boathouse, a swimming pool, and a tennis court.

Planning permission was granted in April 2022 and confirmation has been obtained. The borrower is a high-net-worth individual and will exit TAB’s loan through development finance.

TAB’s loan book now firmly stands at approximately £145 million.