Alternative Bridging supports portfolio growth with £967,000 overdraft facility

Alternative Bridging Corporation has provided a £967,000 alternative overdraft facility to an experienced property investor.

The facility was secured with a second-charge against a £2.4m residential property in Stanmore at 70% LTV.

The borrower, an existing Alternative Bridging client completing their fourth transaction with the lender, wanted a source of revolving capital for future property acquisitions, rather than arranging separate finance each time an opportunity arose.

The transaction was supported by the borrower’s established track record, substantial property holdings and active development pipeline across London and the Home Counties.

The deal, led by Taylor Osunsedo, BDM at Alternative Bridging Corporation (pictured above), gives the borrower the ability to draw funds when required and repay them as capital is recycled from other projects.

Taylor commented: “Experienced property investors do not always know where their next opportunity will come from, but when the right deal appears, the ability to act quickly can make a real difference.

“In this case, the client was not raising funds for one specific purchase. They wanted capital available in advance, so they were not starting a new finance application each time an opportunity came onto their radar.

“Using a second-charge also meant we could provide that access to funds without disturbing the existing first-charge.

“For brokers, there’s a wider point here about looking at how active property investors intend to use finance over the next 12 months, rather than focusing only on the deal in front of them.”