Alternative Bridging completes sweep of multi-million pound loans

Alternative Bridging completes sweep of multi-million pound loans




Specialist lender Alternative Bridging Corporation has shrugged off financial uncertainty in the wake of Brexit with a number of substantial loan completions.

Alternative Bridging’s largest deal saw a £3.8m refinancing loan for a luxury apartment close to Lord’s cricket ground after the original bridging loan had expired and the existing lender refused to renew.

The firm also completed a £2.9m bridging loan secured on a waterfront development site in Cardiff, which enabled the borrower to repay the liquidator of a failed bank.

Brian Rubins, managing director of Alternative Bridging, said: “In this period, we completed two loans within a week of them being introduced and four were completed on the last afternoon of July.

“Brokers and borrowers want certainty from their lenders that not only are they continuing to lend post the Brexit vote, but they can deliver with speed and professionalism, all of which we are very proud to offer.”

Alternative Bridging also provided £2.9m for the acquisition, works to date and further funds for the conversion of a redundant hospital building into 35 apartments in Southampton.

Other deals included £2.6m for the refinance, refurbishment and development of a 15-flat project in Plymouth and various loans of over £500,000 in locations such as Worthing and Ascot.

The firm claimed that Brexit has served as a wake-up call to borrowers and their advisers, with delays having vanished and loans being completed with increasingly short timescales.

Last month, Alternative Bridging celebrated another series of high-profile loans, despite fears of a lending slowdown.

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