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.”