TAB provides £4.5m to refinance commercial properties on south coast
13 November 2026
Two loans on two Dorset properties delivered within 7 days of enquiry, despite complex ownership structure
TAB has provided two linked bridging facilities totalling £4.5 million to refinance existing debt secured against two commercial properties in Poole and Bournemouth.
TAB has provided £3,477,000 against a commercial asset in Poole, based on valuation of £5,225,000, giving an initial LTV of 66.5 per cent. A further £975,000 facility is secured against a commercial asset in Bournemouth, based on a valuation of £1.5 million and an initial LTV of 65 per cent. The combined facilities have an LTV of 66.2 per cent against a total value of £6,725,000.
Both facilities run for 24 months, with interest retained for the first month and serviced thereafter. The loans refinance existing facilities.
The properties present different asset management challenges.
The Poole property is a substantial office with three vacant upper floors and a large tenant who has recently exercised a break clause. The valuer identified significant asset management potential and considered the property sellable within approximately six to nine months.
The Bournemouth property combines commercial and residential accommodation. Its ground floor is over 17,000 sq ft but has remained vacant since 2023. The valuation assumes subdivision into four units, capital expenditure and an extended letting period.
The transaction also involved a complex legal and beneficial ownership structure, which TAB incorporated into the borrowing and security arrangements to ensure its position covered the relevant interests in both properties.
The primary exit is the sale of the properties after reletting or, alternatively, after securing approval for residential conversion under permitted development rights.
The loan was introduced by OPES Financial Partners, a whole-of market mortgage broker.
Matthew Davies, co-founder of OPES Financial Partners, said:
“These two properties presented very different challenges – this was not a straightforward refinance. The Poole property has significant vacant space and needs active asset management. The Bournemouth property has a large vacant commercial element and a more involved letting strategy.
“We needed a lender that could look at both properties and the wider exit, rather than assess the refinance purely against today’s income – someone who could bring momentum to the lending. TAB understood the underlying value and gave us the structure needed to refinance the existing debt while allowing time to execute the asset-management strategy. And they moved fast: seven days from enquiry to completion is exceptional given this deal’s complexity.”
The commercial mortgage and bridging specialist structured the facilities to reduce the outstanding debt during the term. The borrower will make mandatory quarterly capital repayments of £120,000 on the Poole property facility and £30,000 on the Bournemouth property facility, reducing the combined debt by £150,000 every quarter.
The two facilities are fully cross-collateralised and cross-charged, giving TAB security across both properties.
Michael Grant, head of sales at TAB, said:
“Two properties. Two different challenges. One clear lending structure.
“We looked at the properties, the existing debt and the exit. That gave us the confidence to move quickly.
“The quarterly capital repayments reduce the debt throughout the term. The cross-collateralised structure also gives us additional security across the assets.
“The properties need active management to deliver the exit. That was not a problem – we are comfortable with complexity when the value is there and the exit stacks up.”
Business development executive team manager Yohann Ifrah assisted Michael Grant. Underwriting manager Chioma Amakulo worked on both loans.
TAB provides commercial mortgages, bridging finance and property investment opportunities through its integrated real estate finance and investment platform. Founded by serial entrepreneur Duncan Kreeger, the business has lent a total of £850 million since its launch in 2018 and has recently secured a new £200 million funding facility from a challenger bank.
