Alpha completes 24-hour-bridge

One of the first lenders to accept both property and assets as collateral has completed a loan within 24 hours.

After 18 months of trading, Alpha is solidifying its place in the market as one of the UK’s first lenders to allow borrowers to combine assets and property as collateral for commercial bridging loans.

Mercedez Binning, Managing Director of Alpha said: “Loans at Alpha can be serviced very quickly in times of need and can be used as an alternative overdraft. We have helped many individuals and businesses in a scenario whereby funds have been required within 24hours.”
 
Alpha’s fastest bridging loan to date was within 24 hours as a £40,000 first charge on a buy-to-let property worth around £270,000. The loan was at 14 per cent LTV and was repaid by the client within two months.

The lender operates from their yacht in St Katharine’s Dock, which has now been located there for approximately three months.

Mercedez said: “By using a yacht as a meeting location it gives a very unique feel where customers can feel comfortable with a discreet and boutique service specifically for them.

“Our approach is different to other lenders, it is a personal service where we like to meet our clients in person and we want the service to be discreet and confidential.”

The lender, who places 65 per cent of their business on property lending, has an average monthly interest rate of 4.99 per cent and a usual LTV of up to 60 per cent, which includes first charge loans. Alpha is known to have provided 70 to 80 per cent LTV previously on a deal.

Alpha currently has a multi-million pound loan book and is seeing month on month growth. The principal lender’s biggest loan to date is £400,000 which was secured against a combination of property and cars.

The bridging lender is currently waiting for clearance to lend on primary residential properties. Alpha also operates from a base in Kent which acts as an alternative location to meet clients and a storage facility for their assets. Its industrial estate is under 24 hour surveillance and can hold larger assets such as cars and motorcycles.

Managing Director of Alpha, Mercedez, added: “We aim to bridge the gap between traditional banks and asset lenders by providing a unique service tailored around the client in a way that works best for them.

“Many other organisations are specific with the security that the loan is provided on, many banks and bridging companies require property as collateral whereas many asset lenders require tangible assets such as jewellery, at Alpha we are able to combine both elements to offer an exclusive service that is more beneficial for our clients.”