103099 - £875,000 first charge bridging loan against a two bedroom flat in London
103099 - TAB completed a £875,000 first charge bridging loan against a two bed flat in London.
Loan amount: £875,000
Term: 18 months
Security: 1st charge
Product type: Residential
TAB completed an £875,000 residential bridging loan to assist an overseas property investor in purchasing a two bedroom flat in Tower Hamlets, London. The property was secured as a first charge with an LTV of 70%.
As an overseas investor, extra coordination was required to underwrite the loan and meet the borrower's long stop completion date. The clients' location meant additional parties were involved throughout the process to ensure a smooth transaction.
The borrower's exit strategy is to refinance onto a buy to let mortgage.
Completing this deal required patience, communication and adaptability from all sides. Despite the overseas location of the client, TAB worked closely with the borrower and broker to understand the client's financials and objectives. By understanding the borrowers' goals coupled with TAB's expertise we were able to structure a loan that met the client’s financing needs and timeline. Thanks to all the parties involved for getting this over the line. Faith Ndebele, Underwriter
This article is for information only and does not constitute advice or a personal recommendation. As with any investment your capital is at risk and you should seek advice concerning suitability from your investment adviser.