TAB

TAB sees loan book hit £115m




TAB has announced its loan book has grown to £115m.

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.

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.”

Leave a comment