Specialist bridging lender, TAB has announced that it has completed two complex bridging finance deals totalling almost £2.9 million for the same broker. Both transactions were introduced by Prism Private Finance.
The first transaction saw the lender provide a £1.855 million first-charge bridging loan to refinance a country house near Hook Norton, Oxfordshire.
The five-bedroom property, set within more than 14 acres, had been acquired using the borrower's own funds. The borrower subsequently sought short-term finance to refinance the asset while allowing sufficient time to market the property for sale.
TAB structured a 12-month facility at 70% LTV, giving the borrower the flexibility to maximise value rather than rush a sale in a deal that recognised country homes often require longer marketing periods to attract the right buyer.
The second completion involved a £1.031 million second charge bridging loan secured against a period townhouse in Kensington, London, currently configured as 20 self-contained residential units over five floors (pictured). The operator required additional capital to undertake an extensive refurbishment programme before bringing the asset to market.
Rather than refinancing the existing senior debt, TAB structured a 24-month second-charge facility at 60.86% LTV, enabling the borrower to retain their first charge lending while unlocking the capital needed to enhance the property's value.
Despite a historic planning query relating to the building's conversion, TAB was comfortable with the historic planning position given the long-established use of the property, the strength of the security and the borrower's exit strategy.
Both facilities completed within five weeks of initial enquiry.
Michael Grant, head of sales at TAB, said: “These transactions demonstrate the breadth of our bridging proposition and our ability to structure bespoke funding solutions around very different borrower requirements. One case involved refinancing a country house to provide time for an orderly sale, while the other used a second-charge structure to release capital for a refurbishment project without disturbing existing senior debt.
“The repeat instructions from Prism Private Finance are particularly pleasing and reflect the importance of strong broker relationships. As TAB grows our specialist lending proposition, we remain focused on providing responsive decision-making and pragmatic underwriting for complex cases. We’re always looking to bring momentum to lending.”
The transactions were overseen by underwriting manager Barry Richardson, supported by business development executive Becca Bradley.
Commenting on the experience of working with TAB, Helmee Tekaya of Prism Private Finance said: “TAB went above and beyond to ensure my deal completed. It was a pleasure working with the underwriter Barry. Michael and Becca were always available to assist in pushing the deal along to completion. Five-star service. I look forward to working with TAB again in the future.”
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