Borrowers coming from all angles in 2017
Recent completions at short-term lender Alternative Bridging Corporation Limited (Alternative) have showed demand for a range of loans from commercial and development to residential and regulated residential, across the UK.
Alternative’s loans included:
- £550,000 Commercial loan, Glasgow – An advance to well-established, local business people to repay an existing bridging loan and raise the equity for the purchase of an additional investment property. Repayment will be by long-term refinance of both properties.
- £5,000,000 Development loan, Northampton – The loan was to an experienced property developer, who has completed several residential and student accommodation projects, to finance the conversion of a part vacant office building into student accommodation. Upon completion, the units will be let and repayment of the loan will be from the sale of the student accommodation investment.
- £1,000,000 Development loan, Gosport – An experienced property developer had outline planning for a retail park with a good number of tenants with signed leases. The loan was to provide capital to the borrowers to use towards obtaining full and detailed planning.
- £532,000 Residential loan, Weymouth – An experienced residential developer required finance against 2 flats in a block of residential flats to enable the borrower to swiftly exit/repay outstanding finance on a separate development and to provide working capital for other projects.
- £1.3m Regulated residential loan, Central London – The borrower, a young Iranian businessman with the right to reside in the U.K., wished to refinance an existing first charge and to raise approximately £1,250,000 net of fees and interest.
Jonathan Rubins, Chief Executive of Alternative said:
“These loans demonstrate not only the range of needs and borrower types in the market for finance but also the need for the right levels of loan, a lender with vision for the project in hand and the ability to complete the deal in a timely fashion.”