TAB has completed an £819,000 bridging facility secured against a Grade II listed commercial property in Warwick.
The 18-month facility was structured at 70% loan to value and was designed to provide liquidity while the borrower pursues a longer-term repositioning strategy.
The security is a former residential manor which has been converted into office accommodation. It sits within extensive grounds, including a large car park, gardens, a pond and a separate coach house.
TAB said the property’s listed status and scale supported its underlying value, with potential for change of use and planning uplift.
The facility was structured as a capital raise for an experienced property investor with an established portfolio in the West Midlands. The borrower was looking to replenish funds following the acquisition of the property.
The 18-month term was intended to give the borrower time to progress a planning application and consider change of use options.
The transaction included several complexities, including the redemption of an existing charge where no consent for subordination was available, a title update ahead of completion and the fact the deal had previously been in progress with another lender before its administration.
TAB said it worked through each issue to bring the transaction to completion.
The underwriter involved says: “This was a capital raise to replenish group funds following the purchase of the security property. Post-acquisition, the borrower wanted to explore the potential for a change of use, so short-term finance was required to provide both time and flexibility, while also replacing the capital already deployed.
“A big thank you to Wes Hodelin at Botham Capital, whose proactive approach and constant communication helped ensure a smooth and efficient completion.”
The transaction was introduced by Wes Hodelin at Botham Capital.
