Property lender TAB has secured a new funding line from New York investment firm, Atalaya Capital Management.
The revolving credit facility, of up to £120m, will be used to support the continued growth of TAB over the coming years and will be used to finance bridging and development loans.
Atalaya primarily focuses on making private credit and special opportunities investments in three principal asset classes – financial assets, real estate and corporate. It manages approximately $7 billion on behalf of a global institutional investor base.
TAB is a short-term property finance lender specialising in secured bridging and development finance loans, with its main focus being in prime residential areas in London and the South of England.
Duncan Kreeger (pictured), founder and CEO of TAB, said: “Atalaya backing TAB and our management team not only enables us to continue lending but also to support any growth opportunities we wish to pursue. As well as the senior team at TAB,
“I’d like to thank Stuart Mogg and Jack Dutton at EY and Jonathan Segal at Fox Williams. Their efforts and expertise have been a huge support to TAB on our journey. This is an exciting day in our history and will help us carry on looking after our valued broker partners.”
Brian Moore, who led the deal for Atalaya, added: “The senior management team – and Duncan Kreeger in particular – know the UK’s bridging market inside out. We like their combined experience and the ethos they have created at TAB, emphasizing transparency and fair dealing.
“We look forward to playing our part in supporting their growth in the years to come.”