TAB completes £1.25m commercial loan
TAB has completed a first charge £1.25m commercial loan on a property in Sheffield within four working days of enquiry.
TAB provided the commercial loan in order to complete the purchase of a vacant former Debenhams department store, under a 43 year lease where the freeholder is Sheffield City Council.
The property is 214,000 square feet, spread over five floors, three mezzanine floors and a roof terrace.
The site was valued with vacant possession at £2.7m and purchased by the client for a discount at £1.5m.
The first charge loan totalled £1.25m, which was 85% of the purchase price and 49% LTV.
According to TAB, the client plans to exit the loan either via sale with planning or after the property is refurbished and tenanted.
TAB sought expertise from qualified chartered surveyor and asset management adviser Simeon Andersen of Clifton Securities.
Nick Russell, sales director of TAB, said: “This was another example of a complicated transaction due to the nature of the asset and the limited time we had to complete the deal.
“However, this is an experienced borrower with an extensive track record and someone we felt could benefit from TAB’s short term finance.
“Everyone involved worked tirelessly to get this over the line and we were able to meet the challenge and successfully complete in the required time frame.”