James Bloom

Alternative Bridging Corporation closes £2.6m deal for shopping centre purchase

Alternative Bridging Corporation has worked together with Clever Commercial Finance to complete a £2.6m loan to fund the purchase of a shopping centre in Lancashire.

The down valuation and the large number of leases and licences, some of which were expired, as well as the unilateral notices which needed to be removed posed challenges to the lender and broker when arranging the deal.

Despite this, Alternative Bridging Corporation was able to complete the loan at 65% LTV, at a rate of 0.80% over a 12-month term.

James Bloom, director at Alternative Bridging Corporation, (pictured above), said: “We were delighted to receive this enquiry from Marc Turner, managing director at Clever Commercial Finance. 

“During the process, both the introducer and client commented that most lenders would have given up; however, we have more than 30 years of experience in the lending business, which enabled us to overcome the many issues.”

Marc added: “Based on the specialist nature of the property, I recognised Alternative Bridging Corporation may be reluctant, taking into account the impact of the pandemic on the retail sector.

“However, James was very supportive, especially once he had completed his onboarding process with a Zoom call, which provided Alternative Bridging Corporation with confidence that the applicants were very experienced in this sector, with similar properties already being successfully managed.

“James ensured all parties pulled together and Alternative Bridging Corporation’s attitude was to get this done and it worked. 

“We look forward to completing more loans with the company in the near future.”

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