A new revolving, secured loan facility has been launched by Alternative Bridging, which offers borrowers the chance to repay and redraw funds.
The short-term lender’s new facility is similar to a bank overdraft, where money can be advanced, repaid and re-advanced, using any of the two loan programmes; Prime and Flex.
The Prime Secured Revolving Loan programme provides first and second mortgages at lower interest rates and suits loans from £250,000 to £5 million with a lower risk profile. The Flex Secured Revolving Loan programme is available up to £2 million, where a flexible approach is needed, such as for property refurbishment or planning issues.
Commenting on the new offering, Brian Rubins, Managing Director of Alternative Bridging, said: “Prime and Flex Secured Revolving Loans enable the borrower to repay and redraw the loan in parallel with ongoing cash flow requirements and to cancel the arrangement when it is no longer required and are ideal for purposes such as auction purchases and seasonal trading.”
Brian added: “With individual underwriting and a measured approach to risk, they provide a convenient alternative to bank overdrafts for purchase and refinance or to release capital when it is needed.”
Interest rates for new Prime loan proposals will be from 0.75 per cent per month for first mortgages and 1.1 per cent on second mortgages for periods up to 36 months.
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