The 70% LTV facility is being used to refinance 60 apartments across two buildings in Leeds — one block of student accommodation and a second residential block.
The borrower was facing tight deadlines as its existing lenders' terms were ending and TAB was able to step in to refinance two separate lenders simultaneously on the same day.
The loan will also facilitate a leasing period ahead of refinancing onto a long-term debt arrangement.
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Edward Horn-Smith, MD at Arc & Co (pictured above), said: “This was a difficult and complex deal and with mainstream lenders out of the equation, we knew that this called for the expertise of a specialist finance provider.
“TAB went the extra mile to help us structure the debt on behalf of our client, even in these challenging circumstances and we look forward to working with them again in the future.”
Nick Russell, sales director at TAB, added: “This was a complex deal calling for an innovative and proactive approach.
“Technically, this facility consists of four loans — totalling £16m — across multiple assets for one borrower.
“It’s a credit to Emmanuel Johnson (underwriter at TAB) and the team that we got it over the line so swiftly.”
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