Alternative Bridging defies Brexit with bumper month

Alternative Bridging defies Brexit with bumper month




Alternative Bridging Corporation has brushed-off fears of a lending slowdown post-Brexit with a series of high-profile loans during July.

The lender managed to complete two loans during the holiday period within a week of them being introduced, while a busy afternoon during the last working day of July saw Alternative Bridging complete four loans ranging from £400,000 to £2.5m.

These loans were for both commercial and residential properties as well as a development finance facility to aid the construction of 14 homes.

Brian Rubins, managing director of Alternative Bridging, said that these deals brought to mind the proverb ‘It’s an ill wind that blows nobody any good’.

“Our experience is that the Brexit vote has been a wake-up call to borrowers and their advisers.

“Remarkably the delays which usually slow down the due diligence and drawdown period have miraculously vanished and loans are being completed in shorter and shorter timescales.

“Nothing like Brexit to focus the mind!”

Brian continued by adding that the two loans completed within a week during the holiday period were finalised by instructing valuers who were ready to respond and with the aid of title insurance to make sure the stops were pulled out by everyone concerned.

“If you live in London or the South, the Brexit result was a shock, but for those further away from the epi-centre it was only a surprise.

“Whatever way you describe it, most did not expect it.

“Shock or surprise, Brexit is here and lenders need to manage its effect.”

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