TAB U

100838 - £4.6m 2nd charge loan against mixed use property - London

Name of case study: 100838 - £4.6m 2nd charge loan against mixed use property - London

Loan amount: £4,600,000

LTGDV: 66.01%

Term: 24 months

Security: 2nd charge

TAB completed a £4,600,000 loan secured against a mixed use property containing 79 flats and 33 commercial units. This was a unique deal as the loan was secured as a 2nd charge on a part-built development.

There were also numerous parties involved, including the 1st charge lender, two solicitors, a site manager, three Ultimate Beneficial Owners (UBO) and the borrower.

The borrower, an experienced development company, intends to exit through sales of the residential units and long term refinance of the commercial units.