The new funding line will enable the lender to grow its development loan book
Alternative Bridging Corporation has announced that it has secured a new dedicated residential development funding line from its bankers.
The lender said the new funding line will release existing facilities and will help grow its development finance loan book, while expanding its bridging loan programs for residential and commercial properties, including regulated loans.
“We have been supporting the needs of small and medium sized developers since our very beginning, as well as regulated development loans more recently,” Stephen Meller (pictured), director at Alternative Bridging Corporation, said. “Until now these loans have been funded from within our general pool of capital.
“This new line is our first which is solely dedicated to providing development loans and demonstrates our continued commitment to this sector where, for more than 30 years, we have financed projects across the UK from one to 60 units.”
Meller added that the dedicated line will not only enable them to grow their development loan book, but will also facilitate the continued expansion of their alternative overdraft and term loan business, as well as the residential and commercial bridging loans.
“We have a best-in-class asset management team, with over 100 years’ experience in supporting developers, together with a highly experienced team of underwriters who not only understand the group’s credit requirements but the needs of our brokers and our borrowers from the property industry and business community,” he said. “These teams continue to be strengthened to meet increasing demand and, together with our knowledgeable BDMs, enable us to provide a first-class service to all our brokers and borrowers.”