TAB completes five loans totalling £11.4m on the same day

TAB, in conjunction with introducer REFC, has completed five bridging loans totalling £11.4m on the same day.

The facilities — agreed at LTVs ranging from 65% to 70% on 12-month loan terms — were arranged for a portfolio of properties made up of residential, retail and commercial assets.

The deals presented several challenges, including the complexity of the securities, the tight deadline, and the loans’ simultaneous completions, requiring separate iterations of every process.

The completion of the five facilities takes TAB’s loan book to £71m. 

Crown City Holdings (CCH) was chosen as the lending agent on the deals, managing the correspondence between TAB and the client.

During the term of the loan, CCH will ensure that the monthly payments are paid on time and assist with any loan management required post-completion.

Nick Russell, sales director at TAB (pictured above), said: “This is our largest completion day since inception.  

“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.”

Nir Yedid, CEO at REFC, added: “The fact that the TAB team was able to complete on such a complex set of large facilities within the timeframe is a testament to its knowledge and expertise.  

“While Duncan Kreeger [CEO at TAB] is always talking about TAB’s foundations being built on trust and transparency, it was nice to see the team live up to those values, too.” 

Danny Scoltock, head of underwriting at TAB, commented: “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.  

“It is a testament to the partnership, professionalism and dedication of the team involved that we were able to make it happen.”

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