“This deal reflects the importance of speed and a clear plan in auction purchases. We were able to support the borrower through both acquisition and refurbishment, ensuring the project could move forward efficiently.”
– Duncan Kreeger – TAB
TAB has provided a £108,750 bridging finance facility to support the purchase and refurbishment of a three-bedroom terraced property in Ramsgate, as investors continue to rely on short-term funding to secure auction opportunities.
The loan, structured at 75% loan-to-value over a 12-month term, enabled the borrower to complete the purchase within the required auction timeframe while also covering a programme of light refurbishment works.
The period property, arranged across three floors, required internal improvements after being acquired in poor condition. The borrower plans to upgrade the interior to raise the overall standard before introducing the asset to the rental market as a long-term investment.
TAB structured the bridging finance to cover both acquisition and refurbishment, allowing the borrower to progress from purchase through to works without delay. This approach supported continuity across the project, helping maintain momentum as the property moves towards a lettable condition.
The borrower intends to exit the bridging finance facility by refinancing onto a term mortgage once refurbishment works are complete and the property is fully tenanted.
Duncan Kreeger, CEO and founder of TAB, said: “This deal reflects the importance of speed and a clear plan in auction purchases. We were able to support the borrower through both acquisition and refurbishment, ensuring the project could move forward efficiently.”
The transaction also highlights the role of brokers in structuring bridging finance solutions aligned to investor timelines and project requirements.
John Hewit, broker, commented: “Great experience from start to finish. A lender that combines commercial thinking with speed and responsiveness is a real find.”
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