TAB has completed a £382,000 residential bridging loan to support the acquisition and planned repositioning of a semi-detached property in Harrow.
The 12-month facility was agreed at 69.45% loan-to-value and secured against a residential property acquired with vacant possession.
The borrower is a property investor with a hands-on trade background. The plan is to reinstate the property as a single residence before seeking HMO consent and licensing during the loan term.
If approved, the strategy is intended to create a compliant income-producing asset, with the planned exit coming through refinance onto a longer-term facility once the property has been stabilised.
TAB said the transaction was affected by delays in the legal process, a common issue in bridging cases, but that it remained in close contact with the broker and borrower from instruction through to completion.
The broker says: “Bridging doesn’t always move as fast as everyone wants; often, it’s the legal process that takes time. But having a lender who stays close, keeps communication clear, and supports throughout makes all the difference.”
