Alternative Bridging Corporation provides £1m loan to Burney Group for site purchase

Alternative Bridging Corporation has completed a £1.03m second-charge bridging loan for Burney Group for a site purchase in Ipswich.

The loan — agreed at 65% LTV — was used to acquire an existing retail site and parking area next to Ipswich Town Football Club.

Following the purchase, the client will proceed with the development of a 100-bedroom hotel, a café and 60 car parking spaces, as well as 41,000 sq ft of retail warehouse space.

Jonathan Rubins, director at Alternative Bridging Corporation (pictured above), said: “Second-charge loans are rarely straightforward, especially when they are for more than £1m, but they can often provide a great way of delivering the client the leverage they need to complete a scheme. 

“At Alternative Bridging Corporation, it’s in our DNA to find a way to make a deal work, whether it’s a first- or second-charge, residential or commercial asset.

“In this instance, the client needed to raise extra capital as part of its financing requirements for the scheme. 

“Given the client’s experience and track record in this case we were able to provide the £1m second-charge loan, which meant the large and complex development could go ahead.”

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