TAB completes £3.3m bridging loan for offshore investment company
TAB has just completed its largest bridging deal since the lender launched in mid 2018, completing a complex £3.3m loan on two, recently developed BTL mews properties in Central London.
The client was a Jersey-based, offshore investment company, owned by an offshore trust with multiple shareholders. The development loan for the two properties was at the end of its term and the investment company required short-term funding, before taking on a longer-term mortgage.
Introduced by brokers, Westrock Capital, the six-month loan was highly complex and required increased legal processing and underwriting. Despite these challenges, it was completed in just 10 days from the initial loan application to draw-down of funds.
Duncan Kreeger, Founder and CEO of TAB commented:
“We would like to thank Westrock Capital for giving us this great opportunity, which has enabled us to showcase our skills in processing a sizeable and complex loan for an offshore firm. Westrock has been a long-standing partner of mine over the last 15 years and myself and the team were delighted to work together on this deal.
The broker secured credit-backed terms with the longer-term mortgage lender, which strengthened the underwriting proposition. The TAB team that worked on this deal together with our lawyers Howard Kennedy, were highly engaged in processing the finance and legals as quickly as possible and worked seamlessly with the broker, client and client’s advisors. We had the right team in place to act and make decisions and we processed the loan without cutting corners.”
Westley Richards, Director of Westrock Capital commented:
“We were deeply impressed with the efficiency of TAB’s loan processing and how transparent the whole team was. They were excellent in communicating with us at every stage of the deal. They also had to face some difficulties because of the nature of the client, but handled them with speed and competency.
We have worked with the TAB management team over many years and selected the lender because they offer a gold standard service and have a refreshing and different approach to lending. They have a willingness to deliver on promises and don’t move the goal posts down the line, making last minute changes that cause delays. The underwriting team is very thorough and rigorous and has highly skilled and knowledgeable experts. We are looking forward to working with TAB on further deals over the coming months.”
Daniel Fireman, Head of Real Estate Finance at Howard Kennedy, who advised TAB on the legal formalities commented:
“The deal, involving the refinance of a multi-let residential site in a prime location, evolved somewhat from initial instructions, due to complexities involving offshore property and borrower ownership issues and the need for specific due diligence from the offshore lawyers engaged, to dovetail the English banking formalities, with jurisdictional requirements.
The seamless manner in which the loan was processed is a tribute to the collaboration of all parties involved and in particular Duncan’s and the TAB team’s experience, perseverance and dedication to getting the job done efficiently and properly whilst addressing challenges requiring flexibility and adept solutions throughout.”