TAB provided a £1,265,000 bridging loan for 12 months, secured against a residential development in Cowbridge, Vale of Glamorgan, Wales, with an LTV of 55.00%. 

The property comprises former farmland now being developed into three detached dwellings, including a three-bedroom barn conversion and a two-bedroom bungalow. The main building, which will provide five en-suite bedrooms, remains under construction. 

The borrower is an experienced property developer and landlord with a portfolio of commercial sites. Funding was required to refinance an existing first charge facility and to support the completion of the development. 

TAB stepped in to refinance the existing debt and provide additional capital, enabling the borrower to continue progressing the scheme. At the point of funding, two of the three buildings had been completed, with one vacant and one already let. 

The borrower intends to link all three buildings and operate the site as a holiday let business once works are complete and the relevant planning is confirmed. 

The exit strategy is to refinance the completed development, with the primary route being a holiday let facility once planning has been secured.