Alternative Bridging cashes in on booming property market

Alternative Bridging Corporation has hailed the strength of the property market outside of the mainstream sector, after completing a ‘loan-a-day’ in the first week of April.

Completions at Alternative Bridging during April have underlined what the company is labelling an: “increasingly active property market, notwithstanding the limited appetite of the high street lenders.”

To coincide with a lucrative month for Alternative Bridging Corporation during April, the Firm has revealed a number of deals that were completed during the period.

Alternative Bridging’s loans in April included:

 •    £2,015,000 Leicester - Land and construction loans to build a block of student apartments, adjoining the bars and just a few hundred yards from the university.

•    £1,495,000 London, NW6 – Acquisition and construction facility for refurbishment and extension of three flats.

•    £650,000 Winchester – purchase and construction loan to convert a small town centre office building into three flats.

•    £600,000 Sussex and Devon – Bridging loan to provide all of the purchase price of an ex-public house to be converted into flats.

•    £475,000 Surrey – Bridging loan to repay a clearing bank while planning permission is obtained to convert a redundant school.

•    £340,000 London, W1 – Second charge on a flat to provide working capital for a busy inventor.

 

Commenting on the news, Brian Rubins, Managing Director of Alternative Bridging said: “The last month has demonstrated to us that our marketplace is now very much full steam ahead. In fact during the first week of April alone we completed one deal a day which clearly demonstrated the strong demand for short-term lending to the property industry and business community and we expect our lending to continue at a similar pace as we continue through 2014.”

Only two weeks ago, B&C exclusively announced Alternative Bridging's brand new Prime Loan Programme, an extra range of loan products offering lower interest rates on commercial and residential property for loans from £250,000 with a lower risk profile. It is already proving a winning strategy attracting and further bespoke lending products are planned to follow in the near future.