Nick Russel

TAB provides bridging loan for Coventry HMO within five working days

TAB has completed a £481,000 first-charge bridging loan within five working days.

The borrower, SCP Capital, required the funding to purchase a 14-bed HMO in Coventry, with the intention to convert the property.

The client managed to secure a BMV transaction with a saving of £60,000, providing they could complete within five working days.

In addition to the deadline, the security type required also made the case more challenging, as it would only appeal to specific lenders’ appetites.

Jordan Willis, owner of JW Private Finance, ensured the proposed package was reliable and dependable, as the borrower had a clear plan to purchase, obtain a change of use, and refurbish and convert the property. 

He also showed that there was a lease in place with an operator to take over the unit on completion of the works, and that the client would exit the loan by selling the property to an institution.

Once the information was reviewed, TAB agreed to provide the £481,000 facility at 65% LTV on a nine-month loan term.

Fieldfisher LLP and Parrott & Coales LLP handled the legals for TAB and SCP Capital, respectively.

Nick Russel, sales director at TAB (pictured above), commented: “We are pleased to have had the opportunity to fund this property purchase for the borrower. 

“Our flexible and highly skilled team were able to quickly gather all the information they needed to turn this case around from enquiry to completion in five working days. 

“The communication we had with the broker and client, and the relationships we have with our lawyers and valuers, meant we were able to act quickly and efficiently, while maintaining a high level of service.”

Max Rayner, director at SCP Capital, said: “TAB immediately understood our needs, and were flexible with the type of lending we needed.

“I would recommend them for anyone that needs a speedy completion.

“After over 10 years in the game, I have never come across a harder working broker than Jordan — he is efficient, professional, [and] an excellent communicator throughout. 

“His ability to understand the needs of our business adds extra value, and is worth its weight in gold.” 

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