TAB facilitated a £1,155,000 residential bridging loan for a term of 12 months at an LTV of 75.00%. The property is a flat situated near Holland Park in Kensington and Chelsea.
The borrower used TAB's funding to acquire the property at auction. It requires minor refurbishment on the inside to bring it up to a good standard, there are no structural alterations, only cosmetic. Adding to its appeal, the flat benefits from a ‘peppercorn’ ground rent, significantly reducing ongoing costs for future owners. TAB has taken a first charge on the property as security.
Once it is complete and the property is in a habitable condition, the client plans to exit the residential bridging loan through refinancing onto a buy-to-let mortgage product.
The prime location and minimal ground rent made this an attractive proposition. We moved swiftly to support our client's auction purchase, providing a practical lending solution for this premium Kensington and Chelsea property. Sophie Meller, BDM
