Editor's note: This brief was summarised by The Property AI Team from a report by PropertyWire. Read the original article for full details.
TAB Completes £2.9m Bridging Loans for Oxfordshire and Kensington Properties
Specialist bridging lender TAB has completed two bridging finance transactions totalling £2.9 million for properties in Oxfordshire and Kensington. Both deals were introduced by broker Prism Private Finance.
The first transaction involved a £1.855 million first-charge bridging loan for a five-bedroom country house near Hook Norton, Oxfordshire, set within 14 acres. The property had been acquired using the borrower’s own funds, and the loan was structured to refinance the asset while allowing time to market the property. TAB provided a 12-month facility at 70% loan-to-value.
The second deal comprised a £1.031 million second-charge bridging loan secured against a period townhouse in Kensington, London. The property is currently configured as 20 self-contained residential units across five floors. The operator required capital for an extensive refurbishment programme before bringing the asset to market. TAB structured a 24-month second-charge facility at 60.86% loan-to-value, enabling the borrower to retain existing first-charge lending while accessing capital for property enhancement. The lender proceeded despite a historic planning query relating to the building’s conversion, citing the long-established use of the property and the borrower’s exit strategy.
Both facilities were completed within five weeks of the initial enquiry. The transactions were overseen by underwriting manager Barry Richardson, supported by business development executive Becca Bradley.
The completion of both deals within five weeks highlights ongoing demand for short-term finance solutions in the property market, particularly for complex cases involving country properties requiring extended marketing periods and multi-unit residential assets needing capital improvements.
Source: PropertyWire