£525,000 bridging loan for a residential property in Streatham, South London

TAB provided a £525,000 bridging loan for 12 months, secured against a newly built two-storey detached house in Streatham, South London, with an LTV of 75.00% against the 180-day value.

The property was granted planning permission for a sunken, flat-roofed residential dwelling with a courtyard. The 899 sq ft home features a lower ground floor with an open plan kitchen and sitting room, along with an en-suite bedroom. The ground floor includes an entrance hall and two further en-suite bedrooms.

The applicant had reached the end of their term with the existing lender, where funds had been used to complete the build. TAB stepped in to refinance the debt, giving the borrower the time needed to sell the asset.

The loan also enabled the borrower to settle an outstanding builder’s payment and contribute towards a deposit for a new investment property at auction.

The exit strategy is the sale of the property, with the valuer estimating a six-to-nine month timeframe to achieve a successful sale.