TAB completes two loans, to a brother and sister, on the same street

By Bridging Loan Directory 18th December 2023

TAB, the real estate finance and investment house set to have a £500m loan book in 2024, has agreed to lend £3.5m in two loans, to separate brother and sister private clients with both investment properties on the same NW London street.

TAB has lent £1.35m as part of the first deal, agreed at a 54% LTV (loan to value). The double-fronted detached home was originally built in 1960, although recently renovated, and comprises five bedrooms across three stories.

The second deal is for £2.15m and holds a slightly higher LTV at 59.75%. The asset is a circa 1955 detached double-fronted house spanning two stories and is nearing practical completion. It comprises four bedrooms and has a south-facing garden with picturesque views of the adjoining Elm Park.

Both properties are situated on the same street in Golders Green and have been secured under a 9-month term facility to redeem the existing lender.

Upon completion of this period, the borrower intends to sell the properties to repay the loans. The broker for both deals was Jamie Kent of Life Financial Solutions.

EJ, Senior Underwriter at TAB, commented:

“Having two deals with a separate brother and sister at the same time is rare, but to do it on the same street is particularly unusual.

We are delighted to get these deals over the line in such a short period, taking seven days from receiving the application to completion.

It is always a pleasure to work with experienced brokers and borrowers, particularly ones you have worked with in the past.

I would like to thank all of the parties involved. A special mention to our solicitor Paul Cain from RFB Legal, who has been incredible throughout.”

Duncan Kreeger Founder and CEO at TAB, commented:

“We have worked with Jamie and the team at Life Finance Solutions on a number of transactions so far and we are always extremely impressed with how easy they are to work with and how seamless the process is.

Together we were able to turn these two deals around in a short period without compromising on our normal standards.

We look forward to working with them again in the future as they bring more deals to the table.”

Jamie Kent, Head of Financial Planning at Life Finance Solutions, commented:

“We are delighted to have helped to arrange this deal. The fact that it was arranged and agreed in such a short space of time is down to the great relationship we have with Duncan and TAB, and the joint experience we brought to bear.

At Life FS we are very used to working on larger deals and working with property developers, plus we also have a lot of clients in the Hampstead Heath area, factors that helped with this deal.

We are looking forward to working on many more bespoke deals with TAB in 2024.”