Alternative Bridging Corporation

Alternative Bridging completes its largest loan



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Alternative Bridging Corporation has completed a £15m commercial development finance facility, its largest loan to date.

The specialist lender first supported commercial developer Millngate with funding for the land purchase during the planning process for its Brockhurst Gate retail park in Gosport, Hants.

It then provided a further facility when detailed planning permission was granted.

Alternative Bridging has increased the facility to £15m now that Millngate is proceeding with the development.

The funding will cover 100% of the cost of the building contract, fees and interest.

The development comprises 76,866 sq ft of retail space, which will include Marks & Spencer Food Hall, Lidl, Iceland, Home Bargains, and Costa and McDonald’s drive-thrus.

Construction has commenced and the project is scheduled to be completed by late 2018.

“This is not the first of our big-ticket loans and there are more in the pipeline, but it is the largest to date and has been an absolute labour of love,” said Jonathan Rubins, director at Alternative Bridging (pictured above).

“We were there at the beginning, middle and end of the financing arrangement and Millngate’s professionalism throughout has been truly inspirational.

“Now we look forward to seeing the park trading.”

Following the completion of the loan, Anthony Sweeney, director at Millngate, commented: “[This is] also our largest project to date and much praise to Alternative Bridging for progressing this loan through from pre-planning to now to enable us to see the Brockhurst Gate project through to completion and the generation of in excess of 300 jobs.”

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