£243,750 bridging loan for a residential converted flat in Hackney, London.

TAB provided a £1,258,000 bridging loan for 12 months, secured against a commercial property in Southwark, London, with an LTV of 65.01%.

The freehold property is a 19th-century, three-storey, semi-detached industrial unit that has been converted into office space. Located near London Bridge, it sits in a highly desirable area for businesses, and the borrower intends to occupy it under a new company.

TAB moved quickly to ensure the borrower could secure the property at the agreed LTV. The loan was completed efficiently, helping the borrower meet their acquisition goals within the required timeframe.

The loan funds were used to secure the office asset, refinance an existing bank loan, and establish 12 months of trading accounts for the borrower’s new company.

The exit strategy is for the borrower to transition to a commercial mortgage via TAB Mortgage or with another lender, once the new company has completed 12 months of trading.