Alternative Bridging completes 200 bedroom super-bridge
By AdminAlternative Bridging has completed its first Superflex loan on a 200 bedroom, four-star hotel in North East England
Alternative Bridging has completed its first Superflex loan on a 200 bedroom, four-star hotel in North East England.
The owners of the in question hotel, which is a local market leader with a successful trading history, urgently needed to resolve issues with their current lender.
Heads-of-Terms were attained from the borrower within 48 hours. After this Alternative Bridging then immediately instructed solicitors to proceed to completion.
The lender has announced that its Superflex offering was used, a product which caters for loans in excess of £5 million.
Brian Rubins, Managing Director of Alternative Bridging said: “It is exciting to complete a larger financing on a high quality asset against a demanding timetable. We will continue to unravel the more challenging situations, where our property finance skills and individual approach is needed.
“This is where we established our reputation and with our capacity for larger loans, we will widen this focus through our SUPERFLEX programme.”
The lender announced the launch of its Prime Loan Programme last month, available initially to clients of selected brokers for loans from £250,000 with a lower risk profile.
The Prime programme complements Alternative Bridging’s existing Commercial, Residential and Development loan programmes which have been renamed Flex Commercial, Flex Residential and Flex Development. All of which are improved by offering larger loans, clearer underwriting criteria and a strengthened drawdown team.
At the time Brian Rubins said: “Prime will attract the easier to underwrite proposals, however, through our existing programmes, we will continue to unravel more challenging situations, where a more individual and flexible approach is needed.
“This is where we have established our reputation and with our depth of understanding of property and property people we will maintain this focus through Flex Commercial and Flex Residential.”
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