TAB nets £120m credit facility from NYC firm
Specialist property lender TAB has secured a revolving credit facility of up to £120m from New York-based alternative investment advisory firm Atalaya.
The credit line will be used to finance bridging and development loans as well as supporting TAB’s growth in the coming years.
Read more: FCA shelves P2P development loan ban after industry feedback
“Atalaya backing TAB and our management team not only enables us to continue lending but also to support any new growth opportunities we wish to pursue,” said Duncan Kreeger, founder and chief executive of TAB.
“This is an exciting day in our history and will help us carry on looking after our valued broker partners.”
Atalaya specialises in private credit and special opportunities investments. It manages approximately $7bn on behalf of its global institutional investor base.
Read more: Two P2P property platforms partner on development deal
TAB is a London-based lender which specialises in secured bridging and development finance loans, with a focus on prime residential areas in London and the south of England. These loans are funded by individuals, however TAB is not technically a peer-to-peer lender as it is unregulated.
“The senior management team – and Duncan Kreeger, in particular – know the UK’s bridging market inside out,” added Atalaya’s Brian Moore.
“We like their combined experience and the ethos they have created at TAB, emphasising transparency and fair dealing. We look forward to playing our part in supporting their growth in the years to come.”
Read more: TAB boosts loanbook by £11.4m in one day