Rates will be cut by 0.10%
Alternative Bridging Corporation, a bridging, development finance, and commercial lender, has announced that it will be reducing the rates of its loan facility, Alternative Overdraft, by 0.10%.
“The Alternative Overdraft is the ideal loan arrangement for the property industry and business community, enabling the peace of mind of being able to quickly access liquidity when it is needed, without additional charges or delay,” said Jonathan Rubins, director at Alternative Bridging Corporation. “At the same time, interest is only charged when funds are used.”
The loan facility is available to its client firms for two years and will be able to provide multiple drawdowns on demand. This can then be repaid or redrawn repeatedly. The interest will only be charged on the outstanding balance and can be serviced. This type of approach can avoid expensive, repetitive setting-up costs.
“We think it is best secured by first charge on under-utilised property assets or by first charge over commercial or residential and second charge over residential properties, but however it’s used, we know that the Alternative Overdraft can be a valuable tool in any investor’s toolkit,” said Rubins.
Alternative Overdraft can deliver funds within 24 hours and provideds borrowers with the opportunity to draw, repay, or reduce funds, depending on what they may need. It can also be used for site acquisitions, property auction purchases or to fund work-in-progress. It can also enable assets that are under-utilised to finance new investments.
Loans that are available range from £250k to £2m.
What do you think about Alternative Bridging’s reduced rates? Share your thoughts on the comments below.
