TAB provided a £693,000 bridging loan for 12 months, secured against a residential property in Epping Forest, Essex, with an LTV of 64.465%. 

The property is a 1930s detached chalet bungalow, situated on a corner plot. It features an irregular layout with two kitchens and five bedrooms, offering potential for refurbishment and modernisation. 

TAB worked efficiently to structure the loan at 64.465% LTV, ensuring the borrower could secure the property and proceed with their plans without delay. 

The borrower intends to carry out general cosmetic refurbishments, including a new bathroom and kitchen, alongside other upgrades. The works, which are expected to take six months, will be self-funded by the borrower and her husband. 

The exit strategy is to refinance onto a buy-to-let mortgage with a specialist lender once the refurbishment is complete and the property meets the necessary criteria.