TAB completes largest ever loan
TAB has completed its largest ever loan in conjunction with Nir Yedid, chief executive and founder of Real Estate Finance Consultancy (REFC) and Crown City Holdings (CCH).
The £9.25m facility was completed for the refinancing of a hotel in The Quay, Poole, with the site owned by the client and operated by Thistle Hotels.
A planning application has been submitted for the demolition of the existing hotel and construction of a mixed use scheme consisting of 228 residential units above commercial space, and a hotel with a range of amenities to include a ground floor bar and a rooftop bar and restaurant.
The 12-month first charge loan has a loan-to-value (LTV) of 63.53%.
Once planning permission is secured, the client intends to partner with a large housebuilder and then refinance to development funding in order to build out the scheme.
Duncan Kreeger, chief executive and founder of TAB, said: “I am delighted that we had the opportunity to showcase what we do best: our ability to understand complex deals and execute as quickly as the situation calls for.
“This loan wasn’t straightforward, but Nick Russell, sales director, and the rest of the team are committed to investing the time and energy required in order to get loans like this completed.
“As we continue to grow our loan book and expand our product offering it’s great to see the team’s hard work come to fruition.
“It shows that TAB can handle large and complex cases with efficiency while still delivering exceptional service.”