Jonathan Rubins

Alternative Bridging brings back overdraft product with lower rates

Alternative Bridging Corporation has reintroduced its Alternative overdraft offering, which is part of the lender’s bridging and development finance proposition.

The overdraft — which initially launched last year — provides a flexible loan facility which delivers funds on 24 hours’ notice, and allows borrowers the opportunity to draw, repay, or reduce funds to match their needs.

The product avoids expensive setting up charges each time a loan is needed and can be secured by a first or second charge over residential or commercial property.

Loan terms are from 12-24 months, with a minimum loan size of £250,000 and a maximum LTV of 65%. 

Pricing has also been reduced, with interest charges now starting at 0.85% per month.

“The Alternative overdraft is the ideal loan arrangement for the property industry and business community as interest is only charged when funds are used, but it provides the peace of mind of being able to quickly access liquidity when it is needed, without additional charges or delay,” said Jonathan Rubins, director at Alternative Bridging Corporation (pictured above).

“It’s particularly useful in a competitive environment, providing investors, developers, and entrepreneurs fast and efficient access to capital.” 

He believes that it is a product that “every intermediary should have in their toolbox”, which is why the bridging lender has revamped and relaunched it.

The overdraft is being supported by an enhanced service offering, with a dedicated underwriting team and new technology and processes to facilitate quicker completions.

Terms are available on application.

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