Bridging lender TAB has reported record lending during the month of April, marking three consecutive months of record-breaking volumes.
The Hertfordshire-based lender completed 11 loans totalling £23.69m over the course of the month. This followed £17m in lending for March.
Duncan Kreeger, chief executive and founder of TAB, said that the April loan volumes were boosted by the fact that the platform wrote its largest loan ever, worth more than £13m, last month.
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“Over the course of the spring, we’ve had deals ranging from several million pounds in value to those requiring speed of service and turnaround to be of the essence, with drawdown being affected within days of the formal offer being issued,” said Kreeger.
“All of this goes to show that TAB is well positioned in the market with products, pricing, service – the team have made a fantastic contribution – and a desire to work hand in hand with introducing brokers.”
TAB connects investors and borrowers to fund bridging loans for property investors. It is currently not regulated by the Financial Conduct Authority.
So far this year, it has had more than £40m of loans redeemed, bringing its cumulative lending to date to £179m.
“With regard to the rest of 2022, we are looking to capitalise on the success we have achieved in 2021 and so far this year and to keep doing what we do best – we are here to fund loans, and that is our focus,” added Kreeger.
“TAB is going from strength-to-strength and we are on track to lend more than £200m this year.”