This is a significant increase compared to the lender’s 2021 loan book, which was worth approximately £50m.
Despite six loans redeeming in May totalling over £7m, TAB was able to hit the milestone thanks to the completion of a £13m loan and a £5.1m deal, which was completed in 48 hours.
The £5.1m facility — agreed at 61% LTV over a nine-month term — was secured against an £8.5m property in Kensington, central London.
The borrower required the funds urgently to complete the purchase of the property, as they were at risk of losing their deposit.
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Emmanuel Johnson, the TAB underwriter responsible for the loan, said: "The seller of the property is based in Hong Kong, and the purchaser was an ultimate beneficiary owner based in Switzerland.
“It was a challenging deal, but we had access to the key decision makers, as well as the pertinent information, and all parties involved moved fast.
“Turning a loan of this size around within 48 hours of enquiry to completion is exactly what bridging and TAB is all about — flexibility, speed and being able to prioritise loans and assist our clients.”
Zach Matai, managing director at M&M Commercial Finance, who introduced the loan to TAB, added: “When we need something done quickly, we turn to TAB, which consistently delivers.
“Completing complicated loans like this in a week can be a challenge, but once TAB confirmed this could happen in 48 hours, we all worked together tirelessly until completion.”
Duncan Kreeger, CEO and founder of TAB (pictured above), stated: “Over the course of the last six months, we’ve been working hand in hand with brokers and June has been no exception.
“We have done some massive multi-million pound deals, as well as some really fast ones where our tech has been tested as we speed up applications, and one mega-loan which was both quick and large — this is testament to our products, our pricing, and our service proposition.
“My target for TAB is to lend £200m this year — given that we’ve already lent more in the first five and a half months of 2022 than we did in the whole of 2021, we’re going to knock this target out of the park.”
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