Alternative Bridging Corporation has completed a new institutional funding facility with Quilam Capital to support its long-term growth plans.

The facility includes an initial committed amount of £70m, with further capacity of up to £150m available to support future growth.

Alternative Bridging said the senior facility will provide increased funding capacity with the aim of strengthening the bridging lender’s ability to support brokers and borrowers across its specialist lending range.

Quilam originally provided Alternative Bridging with its first wholesale credit facility in 2014, during the lender’s early-stage expansion, and Alternative Bridging said the latest facility demonstrates the strength of the relationship between the two organisations.

Director and chief financial officer at Alternative Bridging, Stephen Meller, said: “The Quilam principals structured our first institutional credit facility back in 2014, when the business was operating at a very different scale. Returning to that relationship now, with a new larger facility, reflects how we have grown over that period.

“The timing is also notable. Funding markets have not been entirely straightforward in recent months, which is often when the strength of long-standing relationships becomes most visible.

“Completing a facility of this size in those conditions says a great deal about the confidence both sides have in the direction of the business, and our ability to support brokers and borrowers across a broader range of lending scenarios.”

Quilam director, Matt Glew, added: “Alternative Bridging is a long-established and reputable UK bridging finance lender, with a proven track record. We are very happy to be supporting the business through a new, scalable senior funding line to support its future growth and are looking forward to working with Stephen and the rest of the team once again.”

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