TAB, in partnership with introducer REFC, entered into five bridging loans totaling £ 11.4million on the same day.
The complex set of agreements relate to a portfolio of properties comprising residential, commercial and commercial assets across the UK. The loan facilities are all for 12 months and have LTVs ranging from 65% to 70%.
TAB said loan completion presented several challenges, including title complexity, tight deadline, and simultaneous completion of five loans, requiring separate iterations of each process.
Completion of the five transactions brings TAB’s loan portfolio to £ 71million.
Nick Russell (photo), Director of Sales at TAB, said: “This is our biggest day of completion since inception. The underwriting of five transactions to be concluded simultaneously had its challenges. But our underwriting manager, Danny Scoltock, and the team worked hard to fix this – and none of the complications involved proved to be insurmountable.
“These types of transactions show how much we work with partners to make sure funding is secure; It was only through careful management, constant communication, and the support of other firms working on the deal – including attorneys Howard Kennedy, the Crown City Holdings loan officer, and Colliers appraisers – that we were able to conclude within the required timeframe.
Crown City Holdings (CCH) acted as loan agent in connection with the transaction, handling correspondence between TAB and the client. During the term of the loan, CCH will ensure that the monthly payments are paid on time and assist with the required loan management after completion.
Nir Yedid, CEO of REFC, said: “The fact that the TAB team were able to complete such a complex set of large installations on time is a testament to their knowledge and expertise. While Duncan Kreeger always talks about the fact that TAB’s foundation is built on trust and transparency, it was nice to see the team live up to these values as well.