If permission is refused, the borrower plans to spend between £30,000 and £50,000 on refurbishment.
The planned work would mainly include a new kitchen and bathroom, redecoration and replacement flooring.
The borrower also secured a DIP from a buy-to-let (BTL) lender for a gross loan of £615,000 at 75% LTV.
Sophie Meller, senior BDM for London at TAB, said: “With an experienced property investor acquiring an asset with several potential routes forward, this was a strong case for bridging finance.
“The borrower had a clear understanding of the property, the plans and the available exit strategies, which gave us confidence in the transaction.
“The condition of the property also meant that the borrower was not dependent on completing the works before securing a refinance exit.”
Meller added: “There was a straightforward buy-to-let refinance route based on the existing property value, alongside the planning and extension option.”
Gena Karaj, founder of specialist broker AXK Finance, said: “TAB understood the borrower’s experience, existing portfolio and the different options available for the property.
“The ability to proceed on a 75% LTV basis allowed the purchase to complete while leaving the borrower with flexibility over whether to pursue the extension and refurbishment works.
“TAB provided a professional and efficient service throughout the process.”
Karaj added: “Communication was clear, the team were responsive and Sophie, in particular, was very helpful.
“TAB’s pragmatic approach helped keep the transaction moving, bringing momentum to lending.
“This was a positive experience and I look forward to working with TAB again.”
