Alternative Bridging Corporation has confirmed that it has secured a new dedicated residential development funding line from its bankers.
The new funding line will release existing facilities and help the property lender continue to grow its development finance loan book.
It will also allow Alternative Bridging Corporation to expand its bridging loan programmes for residential and commercial properties, including regulated loans.
Alternative Bridging Corporation director, Stephen Meller, commented: “We have been supporting the needs of small and medium sized developers since our very beginning, as well as Regulated Development Loans more recently. Until now these loans have been funded from within our general pool of capital.
“This new line is our first which is solely dedicated to providing development loans and demonstrates our continued commitment to this sector where for more than 30 years we have financed projects across the UK from one to 60 units.”
“Increasing the funding agreements with our existing institutional lenders, with whom we have had a long relationship, is particularly pleasing and is testament to the quality of assets that we consistently deliver. Not only will this dedicated line enable us to grow our development loan book, but facilitate the continued expansion of our alternative overdraft and term loan business as well as our residential and commercial bridging loans.”
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