Alternative Bridging has launched the ALTERNATIVE Overdraft, a flexible loan facility from £250,000 which can be drawn upon whenever required.
It avoids delays and expensive setting up charges each time a loan is needed or paying interest when the facility is dormant. The loan term is 12 to 24 months, the maximum loan-to-value for residential property is 70% loan-to-value and 65% for commercial property.
Mike Jones, director of sales for London and the southeast, said: “They can draw down as when they need to. For developers rather than jump through hoops and go through legals and another valuation, they can come to us and overdraft.
“In a competitive market you have to evolve and we’re very excited to launch this. We’ve kept our ears to the ground and found this was highly sought after.
“There’s so much competition in this growing market with many new lenders entering and others dropping rates, so we’re distancing ourselves from competitors, offering new products and being a bit more bespoke, trying to give clients what they need.”
The ALTERNATIVE Overdraft can be drawn, repaid and drawn again and again. It’s available for auction and private treaty purchases, refurbishment and improvement and refinance, working capital and release of equity.
Alternative Bridging launched a similar product a few years ago but now has invested more into this.
Jones added: “Last time we did it we sold out within three months. But now we’ve gone bigger and better.”