TAB increases lending to £34m in August

Bridging lender TAB increased its lending to £34m in August, up from £30m in June and July.

The loan value was spread across eight loans, including a £5.52m first-charge residential deal secured against a 53-storey block of flats in Canary Wharf, and a £5.9m loan for a £9.1m mansion and country estate in rural Berkshire.

TAB connects investors and borrowers to fund bridging loans for property investors. It is currently not regulated by the Financial Conduct Authority.

Read more: TAB reports record lending in April

Duncan Kreeger, chief executive and founder of TAB, said that his team had gone “the extra mile” to find bespoke solutions for complex deals.

“The team has been hugely busy as we have sourced and written loans, providing bridging and development finance for residential and commercial assets over the course of the month,” he said.

“These loans would not necessarily have ticked all the boxes for traditional lenders working via old-fashioned computer algorithms, and we’ve gone the extra mile to find some pragmatic bespoke solutions that work in the real world, in conjunction with our broker partners.

Read more: TAB nets £120m credit facility from NYC firm

“It is a testament not only to our expert team; but to our problem-solving, entrepreneurial attitude and commercial approach to underwriting; and to our cutting-edge technology that we have been able to be so flexible and move so swiftly on some very complex deals.

“We are committed to environmental, social, and governance issues and that – as well as our commitment to trust and transparency – has underpinned every loan we have made over the course of the month.

“I am also pleased to say that all eight of the bridging loans we wrote over the course of the month were TAB Tracker loans, a variable rate product we introduced in May. This illustrates how TAB combines outstanding broker service, and innovative products.”

Read more: TAB boosts loanbook by £11.4m in one day