AB CarVal has agreed to provide a £500 funding facility to UK bridging lender TAB.
TAB said that it will use the fresh institutional funding to launch a renewed product suite and transform the firm from a bridging specialist into a mainstream lender.
“As we continue to find opportunities in asset-based finance in the UK, we are delighted to support TAB with this new facility to help them continue to scale and enhance their bridge and mortgage product suite in the specialist lending market,” said Robert Sinclair, managing director at AB CarVal.
Read more: Hidden assets: Special report on asset-backed finance
“The TAB team’s focus on product and tech innovation to better serve customer needs within a strong risk framework is differentiated and continues to meet strong market demand.”
Read more: ABF an “evolutionary step” for private debt investors
Duncan Kreeger (pictured), chief executive of TAB said: “This is a transformational moment. CarVal’s backing isn’t just funding, it’s institutional validation of the platform we’ve built and the future we’re creating. We’re not here to follow the market; we’re here to reshape it.”
Interpath advised TAB on the transaction.
TAB has lent more than £600m to date. It has plans to launch a new product called Core Plus, aimed at borrowers just outside of traditional institutional criteria.
Read more: Ares enters $1.5bn asset-based finance joint venture
