TAB completes its largest ever loan

TAB has completed its largest loan to date, a £9.25m facility for the refinancing of a hotel in The Quay, Poole, owned by the client and operated by Thistle Hotels.

The specialist lender agreed the loan for the borrower — who was advised by Nir Yedid, CEO and founder of Real Estate Finance Consultancy — at 63.53% LTV on a 12-month term.

Gunnercooke LLP handled legals for TAB, while JLL conducted the valuation.

A planning application has been submitted for the demolition of the existing hotel and construction of a mixed-use scheme consisting of 228 residential units above commercial space and a hotel with a range of amenities, including a ground floor bar and a rooftop bar/restaurant.

Once planning permission is secured, the client intends to partner with a large housebuilder and then refinance to development funding in order to build out the scheme.

Duncan Kreeger, founder and CEO at TAB (pictured above), said:  “I am delighted that we had the opportunity to showcase what we do best: our ability to understand complex deals and execute as quickly as the situation calls for. 

“This loan wasn’t straightforward, but Nick Russell [sales director at TAB] and the rest of the team are committed to investing the time and energy required in order to get loans like this completed. 

“As we continue to grow our loan book and expand our product offering it’s great to see the team's hard work come to fruition. 

“It shows that TAB can handle large and complex cases with efficiency while still delivering exceptional service.”

Nir added: “I was delighted to be working once again jointly with TAB's team on behalf of a major client. 

“Having previously worked with TAB and having knowledge of its workings and requirements, I was yet again extremely impressed by its ability to fully understand the client requirements immediately and work closely with me to organise the funding in a highly competent, well organised and timely manner and at a highly competitive rate.”

Currently, TAB’s loan book now stands at almost £50m.

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