UK property finance start-up Tab has secured a £500 million funding facility from funds managed by AllianceBernstein’s alternative investment division AB CarVal.
In a statement, Tab says the facility will be used to transition “from a bridging specialist into a mainstream lender”, headed by the full-scale launch of Tab Mortgage and Tab Bridge.
Tab Mortgage offers long-term financing for residential, semi-commercial, and commercial properties, while Tab Bridge provides short-term bridging loans designed for property transactions requiring interim financing.
The flagship lending products were relaunched by the company in June this year, featuring renewed service level agreements with clearer pricing structures, same-day turnaround times, and a simplified lending journey for borrowers.
Having lent out over £600 million since being founded by CEO Duncan Kreeger in 2018, the company will now use the agreement with AB CarVal to continue building out Tab Mortgage and Tab Bridge.
Kreeger says future product growth will be driven by “developing intelligent systems that improve speed, precision, and decision-making throughout the lending lifecycle”.
Additionally, the company’s statement reveals that “plans are underway” to launch a new product called Core Plus, which will be “targeted at borrowers just outside traditional institutional criteria”. Further details of Core Plus have not been disclosed.
Tab previously secured a private securitisation facility of up to £300 million with NatWest and Atalaya Capital Management in October 2023. Prior to this, Atalaya had provided the company with a revolving credit facility of up to £120 million in February 2022.
Source: https://www.fintechfutures.com/
