Peer-to-peer lender TAB has completed a set of five bridging loans totalling £11.4m on the same day, bringing the total value of its loanbook to £71m.
The loans are for a portfolio of properties made up of residential, retail and commercial assets across the UK. Each loan facility is for 12 months, with loan-to-values (LTVs) ranging from 65 per cent to 70 per cent.
“This is our largest completion day since inception,” said Nick Russell (pictured), sales director at TAB.
“Underwriting five deals to complete concurrently had its challenges. But our head of underwriting, Danny Scoltock, and the team worked hard to get this over the line – and none of the complications involved proved insurmountable.
“These types of transactions show how collaboratively we work with partners to make sure the finance is secured; it was only through careful management, constant communication, and the support from the other firms working on the deal – including solicitors Howard Kennedy, lending agent Crown City Holdings and valuers Colliers – that we were able to complete within the required time frame.”
Crown City Holdings acted as the lending agent on the deal, and will ensure that monthly payments are paid on time as well as assisting with any loan management required post completion.
“Deals as large as these have many moving parts and the team worked tirelessly to understand the full picture and gain comfort on the underlying securities,” said Danny Scoltock, head of underwriting at TAB.
“It is a testament to the partnership, professionalism and dedication of the team involved that we were able to make it happen.”
TAB is a P2P property lender based in London. It was established in 2018 and specialises in property-backed bridging loans, with target rates of nine per cent per annum.