Alternative Bridging relaunches overdraft product

The overdraft is part of the lender’s bridging and development finance proposition, providing a flexible loan facility which delivers funds on 24 hours’ notice, and allows borrowers the opportunity to draw, repay or reduce funds to match their needs.

It avoids expensive setting up charges each time a loan is needed and can be secured by a first or second charge over residential or commercial property. Loan terms are from 12 to 24 months, with a minimum loan size of £250,000 and a maximum LTV of 65%. Terms are available on application and Alternative Bridging has reduced pricing on the product, with interest charges starting at 0.85% per month.

The overdraft product is being supported by an enhanced service offering, with a dedicated underwriting team and new technology and processes to facilitate quicker completions.

Jonathan Rubins, director at Alternative Bridging Corporation, said: “The Alternative overdraft is the ideal loan arrangement for the property industry and business community as interest is only charged when funds are used but it provides the peace of mind of being able to quickly access liquidity when it is needed, without additional charges or delay.

“It’s particularly useful in a competitive environment, providing investors, developers and entrepreneurs fast and efficient access to capital. The Alternative overdraft is a product that every intermediary should have in their toolbox, which is why we have revamped and relaunched it.”