TAB completes £458,000 bridge against west London mixed-use property

TAB has completed a £458,000 semi-commercial mortgage, refinancing an existing TAB bridging loan secured against a mixed-use property in west London. 

The three-storey, mid-terrace property in Yeading, Hillingdon, includes a ground-floor shop.

The upper floors, formerly a maisonette, have been converted into four self-contained studio flats.

The property is fully occupied and provides rental income to service the new mortgage. 

The borrower acquired the property as a long-term investment and approached TAB to refinance its existing bridging facility onto a commercial mortgage — and to release surplus capital as working capital and to fund future investment opportunities. 

TAB provided a £458,000 first-charge commercial mortgage over a 60-month term at 69.4% LTV. 

Underwriting was complicated by the fact that the commercial tenant is a related operating company and the rent on the commercial element was above market rent.  

There were also minor anomalies in the property’s rent payment history, an outstanding fire risk assessment, and a historic leasehold title still showing on the records. 

However, TAB had an existing relationship with the borrower and the underwriting team was able to take a pragmatic approach to the loan.

The team received satisfactory explanations for the anomalies in the payment history.

The historic leasehold title was also confirmed not to affect the property's value and was set to be removed.

The outstanding fire risk assessment was set as a post-completion condition — and TAB underwrote the property using the market rent rather than the higher passing rent.  

TAB BDM Gary Melville (pictured above) worked on the case which was introduced by Harry Hepworth of commercial finance broker Berkshire Finance Group. 

Gary said: “There aren’t many lenders who offer mortgage products on mixed-use properties. There are even fewer who will look at deals that present additional difficulties in the form of related-party tenants or anomalous rents.

“We were able to take a pragmatic approach to the loan by, for instance, underwriting the property on a sustainable market rent basis. We also gained comfort from the fact we had an existing relationship with the borrower.  

“We are seeing greater demand from landlords for longer-term finance following a bridge, particularly where they want to retain income-producing mixed-use assets as investments. We expect semi-commercial deals to become an increasingly important part of our business.” 

Harry added: “The new facility provides the borrower with longer-term finance while retaining the property as an investment.

“Rental income from the fully occupied mixed-use property will service the mortgage throughout the term.

Gary and the wider TAB team did a great job — they really are bringing momentum to lending.” 

In July, TAB launched its quarterly Mixed-use Mortgage Monitor to provide brokers and property investors with a clearer picture of activity and trends in the market.

The lender's latest report suggested semi-commercial mortgage lending reached £250m in the third quarter of 2026.