TAB, in partnership with Introducer REFC, took out five bridging loans totaling Â£ 11.4 million on the same day.
The complex deals relate to a real estate portfolio consisting of residential, retail and commercial properties across the UK. The credit facilities all have a term of 12 months and have LTVs between 65% and 70%.
TAB said completing the loans presented several challenges including the complexity of the securities, the tight deadline, and the concurrent completion of five loans that require separate iterations of each process.
The completion of the five transactions brings TAB’s loan portfolio to Â£ 71 million.
Nick Russell (pictured), Sales Director at TAB, said, âThis is our biggest completion day since inception. Writing five deals to be closed at the same time had its challenges. But our head of underwriting, Danny Sceltock, and the team worked hard to get this off the ground – and none of the complications involved proved insurmountable.
âThese types of transactions show how in partnership we work with partners to ensure funding is secured. Only through careful management, constant communication and the support of the other firms involved in the transaction – including attorneys Howard Kennedy, credit intermediary Crown City Holdings, and appraisers Colliers – were we able to close the transaction within the required timeframe. “
Crown City Holdings (CCH) acted as the credit broker on the transaction and managed the correspondence between TAB and the customer. During the life of the loan, CCH will ensure that monthly payments are paid on time and assist you with any loan management required after completion.
Nir Yedid, CEO of REFC, said, âThe fact that the TAB team was able to complete such a complex series of large plants within the timeframe is a testament to their knowledge and expertise. While Duncan Kreeger always says that the foundation of TAB is based on trust and transparency, it was nice to see that the team also lives up to these values. “