TAB completes £182,000 commercial bridge for an auction purchase

TAB has provided a £182,000 commercial bridging loan in nine working days, stepping in to rescue an auction purchase after the client's existing funding solution fell through.

A solicitor contacted broker Futurity Finance as a funding solution had fallen through, the auction deadline had passed and £50,000 was on the line.

Futurity Finance called Kris Day, senior BDM at TAB (pictured above).

Within hours, an underwriter issued indicative terms and the application was submitted by 22:30, the same night.

Over the weekend, TAB's deal team worked directly with the lawyers and valuer.

By Monday morning, the case was in legals.

The 12-month facility was secured against a freehold commercial property in Dunoon, Scotland, valued at £280,000, and structured with a clear refinance exit strategy.

This strong security position, combined with decisive underwriting and close collaboration between broker, solicitors, valuer and lender, allowed TAB to protect the client's position and deliver completion within 9 working days.

Speaking about the transaction, Stephen Gallagher, director and co-founder of Futurity Finance, said: "A £50,000 deposit saved, a deal rescued and a client's investment protected, that's what a genuine lending partner looks like when time is critical."

Kris added: "When everyone is aligned, speed becomes possible. The broker, solicitors, surveyor, underwriters and our wider team were all pulling in the same direction, with one shared objective, protect the client's deposit and get the deal completed.

“Everyone took ownership, communication was constant and we moved at pace.

“That's what great collaboration looks like, and it's exactly how specialist finance should work."