Lender maintains close communication throughout legal delays on 12-month residential facility
Specialist lender TAB has completed a £382,000 residential bridging loan secured against a semi-detached property in Harrow.
The facility was structured over 12 months at a loan-to-value of 69.45% and supported the acquisition of the asset with vacant possession.
The borrower, a property investor with direct trade experience, intends to reinstate the property as a single dwelling before applying for HMO consent and licensing during the loan term. The strategy aims to create a compliant, income-producing asset with a clear refinance position at exit.
TAB chief executive Duncan Kreeger (pictured top) said that while legal delays arose during the transaction, they kept communication open with both the broker and borrower from instruction through to completion.
"Bridging doesn't always move as fast as everyone wants; often, it's the legal process that takes time," the broker who handled the case said. "But having a lender who stays close, keeps communication clear, and supports throughout makes all the difference."
The planned exit is a refinance onto a longer-term product once the property has been stabilised and, subject to approval, repositioned as a licensed HMO.
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