The lender said it will put a particular emphasis on lending to the sub-£5m section of the market, which it claims that it is currently underserved.

“There are two reasons to do this: firstly, we want to help customers with whom we have an existing relationship, and secondly, there’s a gap in the market,” said Duncan Kreeger, founder and chief executive at TAB (pictured above).

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“The sub-£5m segment is particularly underserved and we think developers will like to see a new lender in the market, one that’s trustworthy, transparent, and capable of working to tight deadlines. 

“Given our pace and the fact that we will not be competing with established brands, I like our chances of quickly making a big impact on the market.

“While we’ll fund conversions, heavy and light refurbishments, and finish and exit property projects, I’m particularly excited by the prospect of becoming part of a moment that’s set to offer ground-up housebuilding a massive booster shot.

TAB’s development finance product offers loans between £250,000 and £10m at up to 65% LTGDV, which include an exit fee of 1% of GDV.

Rates start from 0.9% pm on loan terms of up to 24 months.