Alternative Bridging Corporation provides a £1.15 million Overdraft facility in York.

Share this article

By Taylor Osunsedo, BDM, London and South West at Alternative Bridging Corporation

Alternative Bridging Corporation Completes £1.15m Overdraft Facility for Residential Scheme in York

 

£1.15m Overdraft Facility York, illustrated by houses in a York Residential AreaAlternative Bridging Corporation has provided a £1.15 million Overdraft facility to support a residential development in York.

The client, who was living on site in one completed unit, required funding to continue construction across seven part-built homes, all held on the same title. The site, valued at £2.8 million presented strong fundamentals, but there were a number of challenges.

The completed unit had not yet received building control sign-off due to delays with the electrical certificate and EPC. Additionally, a Professional Consultants Certificate (PCC) was in place instead of a full new-build warranty.

Alternative Bridging worked closely with the borrower and their adviser to structure a revolving credit facility against the whole site. The Alternative Overdraft enabled rapid access to funds and allowed staged drawdowns as required. To support completion, the lender made building control sign-off a post-completion condition, giving the borrower time to resolve certification issues. The deal was also progressed on the basis of the PCC, without the need for a structural warranty.

From first contact to funds being in place, the transaction completed in just 12 working days.

The borrower is now progressing construction of the remaining homes, with exit planned via open-market sales. By using the Alternative Overdraft, they avoided unnecessary delays and gained the flexibility to manage cash flow efficiently throughout the build.

 

Paul Gavin, Head of Sales at Alternative Bridging Corporation, commented:

“Specialist finance is often about finding solutions where traditional lenders might struggle, and this case is a good example. With a mix of part completed units, delays around sign off, and a slightly unconventional setup, it needed a flexible approach. Our £1.15 million Overdraft facility gave the borrower the breathing room to get things moving again, drawing down funds when needed without being tied to a rigid structure.

“It’s a really useful option for borrowers in that in-between stage, when bridging feels too short but a long term loan doesn’t quite fit. We worked closely with the borrower’s team to keep things moving and got the facility in place in just 12 working days. That kind of speed and flexibility can make all the difference for brokers and their clients.”

To find out more about our Alternative Overdraft Facility and how it can help you do not hesitate to call us on 0208 349 5190 or simply fill out our contact form and we’ll get back in touch.

Newsletter sign up

Get the latest product updates and property market news delivered straight to your inbox. As a lender, we understand the importance of timely information. Sign up today!

By entering your email address, you agree to receive our marketing offers in accordance with our Privacy Policy

Apply Now

Get started today

Register