TAB has completed a £108,750 bridging loan to fund the purchase and refurbishment of a three-bedroom terraced house in Ramsgate.
The specialist real estate finance and investment company provided the 12-month facility at 75% loan-to-value, allowing the borrower to meet a tight auction deadline while also funding light refurbishment works.
The period property, arranged over three floors, had been bought in poor condition. The borrower is now carrying out internal improvements with the intention of bringing the asset to the rental market once works are complete.
TAB said the case required funding for both the acquisition and the refurbishment, with the exit expected to come through a refinance onto a term mortgage after the property has been tenanted.
Duncan Kreeger, chief executive and founder of TAB, says: “This deal reflects the importance of speed and a clear plan in auction purchases.
“We were able to support the borrower through both acquisition and refurbishment, ensuring the project could move forward efficiently.”
Broker John Hewit adds: “Great experience from start to finish. A lender that combines commercial thinking with speed and responsiveness is a real find.”
